California family buys Palm Vista

BUYER: RFHAdvisors Palm Vista LLC (principal: Carson Reynolds), Irvine, Calif.

SELLER: Coral Gulf IV LLC

PROPERTY: 3726-3748 Central Ave., Fort Myers

PRICE: $2.5 million

PREVIOUS PRICE: $9.23 million, December 2006

LAW FIRM ON DEED: Michael A. Schroeder PL, Boca Raton

PLANS, DESCRIPTION: The Reynolds family of Newport Beach, Calif., purchased the 136-unit Palm Vista Apartments in Fort Myers for $2.5 million.

The price equated to $18,382 per unit.

The 149,170-square-foot apartment complex was built in 1974. It features a clubhouse, swimming pool, fitness center, barbecue area and playground.

The 4.7-acre gated property was 50% occupied at the time of the sale, according to Craig Reynolds, a principal for the new owner.

“There was some deferred maintenance,” he says. “Mostly it was exterior things like paint, but there was some interior work, mainly appliances. We will be replacing the refrigerators and stoves, painting them and put in new carpeting. There was a little bit of stucco work that needs repair but nothing structural.”

Reynolds says the new ownership believes that the improved property will be well positioned to benefit from gains in the Fort Myers economy.

Continental Group Realty of Hollywood is the property manager for the complex.