Marcus & Millichap brokers $12.54M sale of 63-unit multifamily community  

Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Residences on 16th, a 63-unit multifamily community in Naples. The asset sold for $12,543,000. 

“While we encountered numerous hurdles during the transaction, our exceptional deal team worked together to overcome each problem and drive the process forward,” said Sam Ferguson, associate investments in Marcus & Millichap’s Tampa office. “In just 41 days, we successfully moved from contract to close. It was a testament to execution and a win for everyone involved.” 

Ferguson, along with Marcus & Millichap’s Ned Roberts and Jason Hague, represented the seller, Opus Reserve LLC, and procured the buyer, Sharp Key Capital. 

Residences on 16th is located at 5194 16th Place Southwest on a 5.2-acre site comprising 16 two-story buildings. The community offers primarily two-bedroom apartments, with one three-bedroom unit and one studio. Units average 975 square feet and feature washer/dryer connections in every apartment. 

 Recent capital improvements include kitchen and bathroom upgrades in more than 75% of the apartments and the installation of a metal roof in 2019. The property is near Physicians Regional Medical Center, Florida SouthWestern State College and Collier County public schools. It is within three miles of I-75 and close to numerous retail, dining and lifestyle amenities. 

LEASES 

Fantastic Finds, owned by Gabriela Fernandez and Adis Esteves Homs, leased 600 square feet of commercial space at 4186 Progress Ave. in Naples from Ovidiu Lovin and Cristian Lovin. Shawn McManus of Investment Properties Corp. represented the lessor and lessee.