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Investor Buys Local Apartment Complex in Foreclosure

last edited on March 18, 2010

2341 Willard Street Apartments in Fort Myers recently sold for $119,000. The sale price represents $13,222 per unit and $13.49 psf. The buyer was a private local investor and the seller was a publicly-traded lender that foreclosed on the property last year.
Kevin Kelleher, an agent with Franklin Street Real Estate Services in Tampa, represented the buyer and seller.
“The property was less than 50% occupied at the time of sale and every unit needed some level of work,” said Kelleher. “The buyer purchased the property despite the current operational challenges in Fort Myers, believing in the long-term fundamentals of the Florida multi-family market.”
Built in 1978, the nine-unit apartment building is constructed of concrete block and offers 8,820 rentable square feet in two-bedroom units of 980sf each.

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