MIAMI-Rait Investment Trust of Philadelphia is the new owner of 728 garden apartment units at two southwest Florida sites after closing a $43.5 million deal with the seller, Chicago-based Huron Ft. Myers LLC.
Huron received $59,753 per unit for the 90%-plus-occupied properties. Several national investors competed for the assets.
The properties are the 200-unit, 14-year-old Sabal Key Apartments in Naples, 96% leased with average asking rent of $788 per month; the 17-year-old, 240-unit Antigua Bay Apartments, Ft. Myers, 94% occupied with average asking rent of $700 per month; and the 17-year-old, 288-unit Montego Bay Apartments, Ft. Myers, 94% leased with average asking rent of $686 per month.
Bill Miller of Holliday Fenoglio Fowler's Houston office and Herman Rodriguez and Ike Ojala from the firm's Miami office negotiated for the seller. The deal closed two months after the properties were first marketed.
“This purchase demonstrates the strong market fundamentals in both Naples and Ft. Myers,” Miller says in a prepared statement. “This offering was very well received by the investment community and the offers for all three properties were numerous and very competitive, resulting in a smooth and swift transaction.”
In the same statement, Ojala says “the broad field of bidders demonstrates a current strong investment appetite for apartments in Florida markets with robust demographic features such as Naples and Ft. Myers.”
The broker says “a wide variety of well-qualified national and local private, public and institutional investors pursued the assets very aggressively.”
Holliday Fenoglio itself has been on a fast production track this year. The firm's Miami and Boca Raton offices have completed $404 million in multi-family sales, financing, joint ventures and partnership equity so far this year.
Nationally, Holliday's volume this year is $1.42 billion. The firm's production since 1998 is $10.98 billion.
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