Fort Myers living trusts buy Charlotte Harbor Apartments

BUYER: Donald Rechtzigel as trustee of the Donald J. Rechtzigel Irrevocable Trust and Donald and Jayne Rechtzigel as trustees of the Donald J. and Jayne L. Rechtzigel Living Trust
SELLER: Dimitrie Stingu and Jimmy Stingu PTR LLC
PROPERTY: 23136 Seneca Ave., 4460, 4470, 4485 and 4495 Church St., Port Charlotte
PRICE: $1.5 million
PREVIOUS PRICE: $861,000, May 2005
LAW FIRM ON DEED: McCrory Law Firm, Punta Gorda

PLANS, DESCRIPTION:
The Donald J. Rechtzigel Irrevocable Trust and Donald J. and Jayne L. Rechtzigel Living Trust of Fort Myers purchased the 24-unit Charlotte Harbor Apartments for $1.5 million.

The price equated to $62,500 per unit. That figure is less than the two-year average price per square foot for multifamily space ($70,191) in Southwest Florida, according to the CoStar Group.

Built in 1971, the two-building development features a total of 25,048 square feet of space. The real estate research firm CoStar Group reports that development was recently updated and its units average 1,043 square feet. The property is located a block from Charlotte Harbor.