NAPLES, FL-Two multifamily complexes have sold in short sales. River Park Apartments and Gordon River Apartments sold for a combined $4.5 million.
Jim Garinger, managing director and principal of Colliers International Southwest Florida, along with multifamily investment brokers John Stone and Jason Stanton of Colliers International Tampa Bay Florida, facilitated the sale on behalf of an undisclosed bank. Garinger expects more distressed multifamily deals to work through the system in 2011.
“These were both smaller complexes built in the 1960s for Naples workforce housing tenants,” Garinger tells GlobeSt.com. “The properties were originally purchased for a condo conversion. The investor missed the market and the lender ended up foreclosing.”
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