FORT LAUDERDALE, Fla.– Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale, Fla., and serving clients around the state, announced brokers Judy Dolan and Steve Hyatt closed a $2.5 million sale in Fort Myers, Fla.
The property, a 136-unit apartment complex located at 3726 Central Ave, was sold by Coral Gulf IV, LLC, to RFH Advisors Palm Vista, LLC. The deal closed March 31. Dolan and Hyatt represented the seller.
Lloyd Berger of Berger Special Assets, a division of Berger Commercial Realty Corp., previously served as receiver for the multifamily property, known as Palm Vista.
The property consists of 12 two-story buildings and features one-bedroom/one-bath and two-bedroom/two-bath apartment units, as well as amenities such as a clubhouse, playground, pool and fitness center.
“We were able to resolve challenges facing this property in a cost-efficient manner and restored the asset’s value,” said Lloyd Berger, founder and president of Berger Commercial Realty Corp.
Berger Special Assets, founded in 2008, serves as receiver, management company, and leasing agent to enhance the value of distressed commercial and multi-family properties across the state on behalf of lenders and financial institutions.
In another, unrelated transaction, Steve Hyatt closed the sale of a 10-unit apartment building located at 77 NW 77th St. in Miami for $315,000. Hyatt represented the seller, ECP Properties, Inc., in the sale to Greg Celentano, which closed March 25.
About Berger Commercial Realty Corp:
Founded in 1998, Berger Commercial Realty Corp. is a full service commercial real estate firm. A local, independent and privately-owned firm, Berger customizes services and adapts to clients’ needs and the ever changing real estate market. Services include brokerage/tenant and buyer representation, property management, agency/project leasing, capital advisory / investment sales, construction/project management, and retail services. The company established a dedicated division, Berger Special Assets, to serve as receiver and enhance the value of distressed properties by providing expert management, leasing and sales representation on behalf of lenders and financial institutions.