New York state investor buys Cape Coral Apartments

BUYER: Maximus Holdings LLC (manager: Vincent DeCaprio), Seaford, N.Y.
SELLER: Cape Coral Apartments LLC
PROPERTY: 827 S.E. 46th Lane, units 1-8, Cape Coral
PRICE: $1.19 million
PREVIOUS PRICE: $750,000, December 2011
LAW FIRM ON DEED: Macfarlane Ferguson & McMullen, Clearwater

PLANS, DESCRIPTION:
Seaford, N.Y. investor Vincent DeCaprio purchased the 16-unit Cape Coral Apartments for $1.19 million.

The price equated to $74,375 per unit. That figure is in line with the average price per unit for multifamily space ($70,191) in Southwest Florida, according to the CoStar Group.

The 0.82-acre property features 16 buildings with a total of 14,400 square feet. Its amenities include boat docks and water views of a canal that empties into the Caloosahatchee River.

The community was originally built in 1973. It was renovated in 2010 and more recently by the seller, apartment owner Benjamin Mallah, who replaced the air-conditioning units, updated the unit interiors, appliances, cabinets and countertops.

Units range from one to two bedrooms and average 900 square feet. The property was 100% occupied at the time of the sale.

Jonathan Richards of CRE Consultants represented the seller.

“These units are in very high demand,” Richards says. “It's within walking distance of Cape Coral Parkway and is very nice and clean property with a real condominium feel right on the water. It's in a better part of Cape Coral.”

The sale continues the larger trend of buyers reselling apartments they bought during the low point in the recession, he says.

The purchase entity, Maximus Holdings LLC, mortgaged the property to Reliance Bank for $840,000.