December 16, 2020
Marcus & Millichap has arranged the sale of 75 out of 2016 at The Isles of Porto Vista in Cape Coral, FL. The sales price was $7.8 million. The Isles of Porto Vista is located at 2904 Tuscan Drive.
Evan Kristol of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor, in the transaction. The buyer, a private investor, was represented by Ned Roberts, Jason Hague and Adam Podbelski of Marcus & Millichap’s Tampa office.
“Isles of Porta Vista was an exceptional opportunity to acquire one-third of a condominium community at roughly a 30% discount off of current condominium sales,” said Kristol. “The transaction closed at just over $104,000 per unit and $73 per square foot, not including the 51 separate garages that were part of the sale. Not only can the buyer turn around and resell individual condominiums at a profit, but also the condos were leased and generating an excellent cash flow.”
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Tags: Acquisition
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