Read Properties affiliates buy Palm Vista, adjacent apartment

BUYER: Palm Vista 129 TIC LLC and Palm Vista 80M TIC LLC (manager: Robert Wolf), Brooklyn, N.Y.
SELLER: RFHAdvisors Palm Vista LLC
PROPERTY: 3726-3748 and 3758-3764 Central Ave., Fort Myers
PRICE: $6.7 million
PREVIOUS PRICE: $2.5 million, March 2011 and $400,000, March 2012
LAW FIRM ON DEED: Burr & Forman LLP, Tampa

PLANS, DESCRIPTION:
Two tenant-in-common companies managed by Read Properties of Brooklyn, N.Y., purchased the 136-unit Palm Vista Apartments and an adjacent 16-unit apartment complex for $6.7 million.

The price equated to $44,079 per unit. That figure is lower than the average price per unit for multifamily space ($70,191) in Southwest Florida, according to the CoStar Group.

Both of the parcels are garden-style apartments. The larger 130,474-square-foot Palm Vista Apartments features 13 buildings and was constructed in 1974. It includes a swimming pool and a fitness center.

The adjacent apartment property contains four 29-year-old apartment buildings on a 1.14-arce site. All of the units have two bedrooms and one bathroom.

Read Properties did not respond to calls requesting comment prior to deadline.

The purchase entities, Palm Vista 129 TIC LLC and Palm Vista 80M TIC LLC, mortgaged the adjacent properties to KeyBank National Association for $6.1 million.