Dolphin Run Apartments, a 30-unit rental complex in the heart of Fort Myers, has sold for $2.94 million, a record price per unit for Southwest Florida.
Located at 2310-2340 Maple Avenue, the complex encompasses four buildings with units of two bedrooms and either one or two bathrooms.
Colliers International Southwest Florida’s Jim Garinger, CCIM, SIOR, executive managing director and Andrew Green, CCIM, associate, negotiated the transaction between seller Dolphin Run, LLC and purchaser MPD Capital, LLC.
“Multi-tenant residential rental properties are in high demand right now for investment portfolios,” said Garinger. “Just in the last year, we’ve seen a significant uptick in both the number of complexes sold and in the selling prices,” particularly among similar Class-B and C properties.
Dolphin Run is classified as a Class- B property with value-add opportunities. From 2017 to 2018, year-over-year sales of Class-B and C properties in Southwest Florida increased by 33 percent, while the total sales dollar value increased by 87 percent.
MDP Capital, LLC reportedly purchased the property because of the value- add potential in the complex’s common areas and outdoor spaces. The new owners plan to enhance the pool area and screened lanais in individual units to add equity and value to the property.