SOUTHWEST FLORIDA PORTFOLIO

SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire the Southwest Florida Portfolio, which consists of eight properties totaling 125-units. Seven of the properties, The Cape Collection, are strategically located within a one to five-minute drive from Bimini Basin, Cape Coral’s ambitious master plan set to establish a new live, work, play downtown environment. The eighth property, Hilton House Apartments, is located directly south of Downtown Fort Myers and the Midtown Redevelopment Area, a highly anticipated project expected to nearly double the size of Downtown while creating large amounts of retail, office, medical, and residential space. Furthermore, the Portfolio has recently undergone extensive renovations, such as exterior paint, upgraded signage, landscaping, lighting, and much more. Moving forward, an investor has the ability to continue the progress the Seller has made, by fully renovating unit interiors, and adding laundry facilities at the select properties that currently do not offer that amenity to tenants. By doing such, it is expected that an investor can realize nearly 17% rental growth in the near-term, as current rents are roughly $200 below market for renovated assets, while the Ft. Myers/Cape Coral MSA as a whole is expected to see rental rates increase by 14.25% in 2022 per AxioMetrics. Upon completion of the renovation plan, and after setting rents to meet the current market, an investor has the ability to achieve an all-in pro forma cap rate in the high-6% range, with annual cash-on-cash returns north of 10%.

Property tours are by appointment only. Please contact one of the listing brokers below to schedule tours.