three apartment complexes close same...
TRANSCRIPT
JIM GARINGER, CCIM, SIORSenior Managing Director
ANDREW GREENClient Services Coordinator
COLLIERS INTERNATIONAL | SOUTHWEST FLORIDA
PREPARED BY:
THREE APARTMENT COMPLEXES CLOSE SAME DAY
HANSON STREET
FOWLER STREET
JACKSON STREET
ROYAL PALM AVE
Accelerating success.
Multifamily Success Story
PARK VILLA APARTMENTS
2505-2525 Royal Palm Ave
Challenge
Out of state investors and capital investment firms had trouble understanding the nature of hands on owner managing and maintaining the complex. The costs were quite lean and the expenses were minimal, and the property had minimal deferred maintenance.
Strategy
The Colliers International team identified recent investment purchasers over the past 3 years as their immediate target market. Additionally, the team iden-tified and tracked: competitive properties, CAP, vacancy, and rental rates to strategically position the property to the market.
Results
Over the past several months there has been a large increase in demand for apartment complexes in the Southwest Florida region. The property was origi-nally brought to market in the downturn at a low price and then increased to $1,944,000 beginning of 2016. The Colliers International team established a sophisticated marketing campaign through e-mail, property exposure tours, and mailings to bring a “Best and Final” scenario of a competitive buying situation. The winning offer was full priced, had a financing contingency, with a 35 day due diligence period, and 30 day close.
Property Overview:
• Size: 27,602 ± SF• Number of Units: 36• Year Built: 1973• Unit Mix: 2 BR / 1 Bth• Number of Buildings: 2
Marketing Statistics:
• Prospect Interaction: 252• Packages Sent: 217• Showings: 28• Offers: 7
Our Role:
• Listing Broker
The Numbers:
• Asking Price: $1,944,000• Sold Price: $1,944,000• Price/Unit: $54,000 • CAP Rate: ± 9.0%
Accelerating success.
Multifamily Success Story
OAKWOODS APARTMENTS
2944 Jackson Street
Challenge
The size of the individual properties did not draw the attraction of larger capital investment groups, rather private investors saw upside potential. Additionally, the rental figures were well below market rates due to long-term tenancy.
Strategy
The Colliers International team identified recent investment purchasers over the past 3 years as their immediate target market. Additionally, the team iden-tified and tracked: competitive properties, CAP, vacancy, and rental rates to strategically position the property to the market.
Results
Over the past several months there has been a large increase in demand for apartment complexes in the Southwest Florida region. Both properties were listed & marketed separately and generated a lot of interest from private inves-tors. The properties were originally brought to the market several years ago as a portfolio offering along with several other neighboring properties. The winning purchaser had a 15 day inspection period and added both properties to their huge multifamily portfolio in Southwest Florida.
The Numbers:
• Sold Price: $1,040,000• Price/Unit: $52,000 • CAP Rate: ± 9.0%
TURTLE RUN APARTMENTS
2767 Jackson Street
Property Overview:
• Size: 16,844 ± SF• Number of Units: 20• Year Built: 1983 (Oakwoods) & 1969 (Turtle Run)
• Unit Mix: 2 BR / 1 Bth• Number of Buildings: 2
Marketing Statistics:
• Prospect Interaction: 331• Packages Sent: 315• Showings: 32• Offers: 8
Our Role:
• Listing Broker
W
502 offices in 67 countries
$2.5 billion in annual revenue
2.0 billion square feet under management
16,300 professionals
Colliers International Southwest Florida13241 University DriveSuite 101Fort Myers, FL 33907TEL +1 239 418 0300 colliers.com/southwestflorida
CONTACT US JIM GARINGER, CCIM, SIOR ANDREW GREENSenior Managing Director Client Services Coordinator+1 239 985 8072 +1 239 985 [email protected] [email protected]
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