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Kenneth Goodman & Zachary Goodman Acquire Brantley Pines Apartments In Fort Myers

Property Image
SOLD
$57,000,000
Jamie May
Eddie Yang

Florida

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MultiFamily268,624 SF
Sold 06/28/2024
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Property Image
SOLD

Kenneth Goodman & Zachary Goodman Acquire Brantley Pines Apartments In Fort Myers

1801 Brantley Road

See Similar Deals
MultiFamily268,624 SF
Sold 06/28/2024
Jamie May
Eddie Yang
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$212
Total Square Footage:268,624 SF
Transaction Type:Sale

The Brantley Pines Apartments, located at 1801 Brantley Road in Fort Myers, Florida, have been sold for $57,000,000. The multi-family property comprises 296 units with a total square footage of 268,624. The price per unit stands at $192,568, and the price per square foot is $212.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $57,000,000
  • Buyer: Kenneth Goodman & Zachary Goodman - Interface Properties
  • Seller's Rep: Jamie May & Eddie Yang - JBM Institutional Multifamily Advisors
  • Units: 296
  • Square Footage: 268,624
  • Market: Fort Myers

Interface Properties, led by Ken Goodman and Zac Goodman, has successfully acquired the Brantley Pines Apartments. The acquisition loan amounting to $39.9 million was secured from Freddie Mac with Green environmental benefits. Berkadia’s team, spearheaded by Senior Managing Director Mitch Sinberg and Vice President Michael Basinski, facilitated the financing for the transaction. Interface Properties plans to implement significant renovations, including upgrading unit interiors, enhancing common areas, and introducing new amenities to the property.

Players

Jamie May
JBM Institutional Multifamily Advisors
Jamie May
12 deals$802.8M volume
BROKER
Eddie Yang
JBM Institutional Multifamily Advisors
Eddie Yang
4 deals$173.4M volume(917) 579-2096
BROKER

Details

SOLD
IMAGE: Kenneth Goodman & Zachary Goodman DATE: 06/28/2024 ADDRESS: 1801 Brantley Road MARKET: Fort Myers ASSET TYPE: MultiFamily BUYER: Kenneth Goodman & Zachary Goodman - Interface Properties SELLER'S REP: Jamie May & Eddie Yang - JBM Institutional Multifamily Advisors SALE PRICE: $57,000,000 UNITS: 296 ~ PPU: $192,568 SF: 268,624 ~ PPSF: $212 NOTE FROM BUYER: Interface Properties, led by Ken Goodman and Zac Goodman, is pleased to announce the acquisition of Brantley Pines Apartments, a 296-unit apartment community in Fort Myers, Florida. Berkadia’s team, led by Senior Managing Director Mitch Sinberg and Vice President Michael Basinski, secured a $39.9 million acquisition loan from Freddie Mac with Green environmental benefits. Built in two phases (1988 and 1997), Brantley Pines boasts low density garden style apartment homes with its 30 acres of greenery, lakes, and lakeside views. Additional amenities include a 24-hour fitness center, BBQ grills, pickleball courts, a dog park, and more. Interface Properties plans to build on this foundation with renovation of its 1-, 2-, and 3-bedroom units, the addition of a lakeside walking path, enhancement of the clubhouse and pool, landscaping replacement, and a new multi-faceted poolside common recreational area. Despite the economic headwinds and the sharp rise in interest rates from the point of contract execution through closing, Interface Properties is proud to have successfully closed the transaction with no adjustments to the original contract price. Interface looks forward to executing its value-add objectives for all stakeholders as it continues to pursue similar opportunities in the immediate vicinity and elsewhere throughout the Southeast US.

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