JBM of Marcus & Millichap, as exclusive agent and advisor, is pleased to offer for sale Bay Breeze Villas, a 180 unit garden style multifamily community ideally located minutes from downtown Fort Myers, major employment centers, Sanibel/Captiva Islands, world-renowned beaches, shopping and entertainment venues.  Completed in 2001, Bay Breeze Villas presents an opportunity to acquire one of the highest quality and best located multifamily assets in Southwest Florida at a discount to replacement cost. Currently 76%+/- occupied, the Property offers significant upside through the stabilization of occupancy, increases in ancillary income, and rental rate growth as the market enters a recovery phase.

Situated within an upscale residential community and designed around a tranquil nine-acre lake, Bay Breeze Villas is characterized by its tropical setting, beautiful Mediterranean architecture, and Class A amenities.  The community consists of 23 two-story residential buildings of durable concrete block construction with barrel tile roofs, containing 201,196 square feet of net rentable area, as well as 88 detached garages, climate controlled storage and RV/boat parking.

The captivating community offers an expansive resort-style pool area, a lakeside jogging path, lighted tennis courts, sand beach volleyball court, resident business center, cafe area with adjoining outdoor screened patio, and a  well appointed and state-of-the-art fitness center.  The community also features picnic areas, pet walk areas, car care center, and a distinctive clubhouse with onsite management and leasing.

With an outstanding location, attractive architecture and a magnificent natural setting, Bay Breeze Villas is well positioned to provide excellent investment returns and outperform its competitive set.  The Property is being offered debt free to investors on an all-cash basis.

Tremendous opportunity to acquire a best-in-class asset below replacement cost

Significant and multiple opportunities to add value by:

• Increasing occupancy
• Increasing ancillary income from garage rental, RV/boat storage, climate controlled storage, and alarm monitoring
• Increasing effective rents as apartment market conditions improve greatly over the next several years

Exceptionally located, surrounded by multi-million dollar homes, close to beaches and major employment centers 

Gorgeous tropical setting, sparkling 9-acre lake, attractive architecture, large floor plans, and abundant amenities

High quality concrete block construction with barrel tile roofs

Community Amenities:

• All corner units, many offering spectacular lake views
• Heated swimming pool with sundeck overlooking stuning 9-acre lake with fountain
• Controlled access at main entrance via security gate
• Barrel tile roofs and unique architectural upgrades
• Lavishly appointed 4,450 square foot clubhouse with screened gazebo
• State-of-the-art fitness center with TVs and aerobics area
• Nature trail around the lake perimeter
• Lush tropical landscaping throughout the community
• Onsite resident business center with new scanner, copier, fax machine and furniture
• On-site boat and recreational vehicle parking available
• Air-conditioned and outside storage available
• 88 detached garages with remote control access available
• Sprawling, well manicured grounds with barbecue area and walking path
• Air-conditioned laundry center with four washers and four dryers
• Valet trash service

Individual Unit Amenities:

• Three thoughtfully designed floor plans
• Monitored intrusion alarms
• Fully-equipped kitchens with track lighting, modern appliance packages, European style raised panel cabinetry, built-in wine rack and stainless steel sink with pull out faucet
• Private screened-in lanais and balconies
• Ceramic tile in the foyer
• Expansive nine foot ceilings on the first floor and soaring 10 1/2 foot ceilings on the second floor
• Crown moldings and custom detailed interior finishes
• Raised panel interior doors throughout
• Arched bedroom entries
• Vaulted ceilings (second story units)
• Spacious walk-in closets
• Built-in computer workstations
• Soaker tubs in select residences
• Cultured marble vanity tops in bathrooms
• Picture-framed mirrors in the bathrooms
• Ceiling fans in living rooms
• Glass block windows in one-bedroom units
• Full-size washer and dryer connections
• Microwave ovens in 30% of the 2 and 3 bedroom units

Bay Breeze Villas is located just off of Iona Road near McGregor Boulevard in an exclusive residential area and directly across the street from the upscale St. Charles Harbour community.  The Sanibel Causeway is only two minutes away, offering unparalleled access to world famous Sanibel and Captiva islands, along with close proximity to Fort Myers Beach.  Tanger Center, a popular outlet center boasting several notable retailers, is only 2.1 miles away.  Bay Breeze Villas also offers easy access to US-41, Summerlin Road, Six Mile Cypress Expressway and I-75, along with being situated only 20 minutes from Southwest Florida International Airport.