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The Polos features stucco exterior, covered parking. (Community Showcase).

JBM Realty Advisors, an NAA member in Naples, Fla., sold The Polos Apartments--a 328-unit, three-story, garden-style property located in Fort Myers, Fla.

The property consists of 104 one-bedroom/one-bath units at 683 square feet; 32 one-bedroom/one-bath units at 750 square feet; 152 two-bedroom/two-bath units at 1,080 square feet, and 40 three-bedroom/two-baths units at 1,173 square feet.

The property was originally built in 1991 on 33 acres with approximately 306,112 net rental square feet.

The property is constructed of 28 wood frames with stucco exterior and pitched tile roofs. It features approximately 629 surface parking spaces, 332 of which are covered by carports.

Amenities include two swimming pools, a heated spa, an indoor sauna, two lighted tennis courts, a fitness center, a basketball court, sand volleyball and playground areas, luxurious clubhouse and tropical landscaping throughout.

Unit amenities include electric appliances such as a range/oven, frost-free refrigerator with ice maker, garbage disposal, dishwasher, washer/dryer connections, walk-in closets in all units, vaulted ceilings in all third-floor units and either screened patios or screened balconies in all units.

The property sold for $19.48 million or $59,401 per unit, at a 7.26 percent capitalization rate. It was 97 percent occupied at closing. The seller was Equity Residential and the purchaser was Olympic Investors LLC, pursuant to a co-investment with Heitman Capital Management on the behalf of its major institutional client under a $100 million discretionary allocation.
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Date:Apr 1, 2003
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