JBM of Marcus & Millichap sells Bay Breeze Villas

FORT MYERS - Tampa-based JBM of Marcus & Millichap, an investment advisory and brokerage services firm dedicated exclusively to the multifamily sector, announced the sale of Bay Breeze Villas in Fort Myers.

Jamie B. May, senior director, and Matt Mitchell within Marcus & Millichap's National Multi Housing Group, brokered the sale on behalf of the Miami-based MAS Group. DeBartolo Development acquired the 180-unit property for $13,575,000 or $75,416 per unit.

Completed in 2001 initially as a condominium, Bay Breeze Villas consists of 23 two-story residential buildings of concrete block construction with barrel tile roofs, containing 201,196sf of net rentable area, along with 88 detached garages, climate controlled storage and RV/boat parking.

The buildings feature one-, two- and three-bedroom floor plans ranging in size from 776sf to 1,318sf, with an average unit size of 1,118sf.