Investor group buys Cape Town Apartments

BUYER: Dieci 10th Street Properties LLC (manager: Maximilian Theiler), Männedorf, Switzerland
SELLER: Cape Town Properties LLC
PROPERTY: 1236-1302 S.E. 40th St., Cape Coral
PRICE: $1.65 million
PREVIOUS PRICE: $1.6 million, July 2000
TITLE FIRM ON DEED: Summit Title Services Corp., Naples

PLANS, DESCRIPTION:
Dieci 10th Street Properties LLC, a group that includes a mixture of local and foreign investors, purchased the 16-unit Cape Town Apartments for $1.65 million.

The price equated to $103,125 per unit. That figure is higher than the two-year average price per unit for multifamily space ($62,027) in Southwest Florida, according to the CoStar Group.

The 22,712-square-foot, two-story garden-style apartment was built in 1990. It occupies a 0.92-acre parcel overlooking a canal. All of its units have two bedrooms, two bathrooms and a screened-in porch. Amenities include a swimming pool and laundry facility. Each unit also has a boat dock.

The community is 100% occupied.

Silvana Pluss of Engel & Völkers represented the buyer and Benjamin Lomangino of Lomangino & Associates represented the seller.

“The buyer was looking for a waterfront investment and this has very good gulf access,” she says. “There are very few physical improvements needed; it was in very good condition. They have decided to keep the same third part management company.”