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Business Observer Thursday, Feb. 20, 2020 5 months ago

Area multifamily complex sold for nearly $100M

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The Retreat at Vista Lake was originally completed in 1990.

FORT MYERS — The Retreat at Vista Lake, a 640-unit apartment complex in Fort Myers, has been sold for $96 million. It’s the second largest multifamily housing complex sale in the Fort Myers MSA on record, according to a statement.

JLL Capital Markets marketed the property exclusively on behalf of the seller and procured the buyer, a U.S.-based private partnership, according to the release. No other information on the buyer or seller was disclosed.

The Retreat at Vista Lake, at 3701 Winkler Ave., was originally completed in 1990 and has undergone recent capital improvements. The property’s 32 two- and three-story buildings are on 35.2 acres and units average 867 square feet across a variety of one- and two-bedroom floor plans, the release states.

The property includes a total of 1,011 parking spaces and features two resort-style pools, a large fitness center building, a gazebo with grilling area, tennis courts, racquetball court, lakeside basketball court, dog park and business center.

The JLL Capital Markets team representing the seller includes Senior Director Matt Mitchell, Senior Directors Zach Nolan and Brett Moss, Associate Drew Jennewein and analysts Jarrod Smith and Bailey Smith, the release states. The same JLL team brokered the sale of Carlton Arms of Bradenton for $110.5 million in 2018 — the largest multifamily complex sale ever completed in Southwest Florida, according to the release.

 

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