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Business Observer Friday, Jul. 15, 2022 3 weeks ago

Minnesota buyer pays nearly $50 million for Fort Myers low-income units

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Dominium, which specializes in affordable housing complexes, has bought a 320-unit complex in Fort Myers.
by: Louis Llovio Commercial Real Estate Editor

A low-income apartment complex in Fort Myers has sold.

The Brittany Apartments, a 320-unit development at 4050 Winkler Ave., brought $49 million. The buyer was Dominium, a Minnesota-based affordable housing development and management company.

The property, according to the commercial real estate firm Marcus & Millichap, is made up of 26 two-story buildings sitting on 23.86 acres.

According to the complex’s website, floor plans range from a 777-square-foot one-bedroom, one-bath apartment to a 1,444-square-foot four-bedroom, two-bath apartment. Rents on the site July 15 started at $847 per month for the smaller unit and went as high as $1,279 per unit for the largest. The income limit for four people at the complex is $49,920.

Evan Kristol, the executive managing director at Marcus & Millichap’s Fort Lauderdale office, says in a statement that the property has a mix of 75% two-, three- and four-bedroom units and that Dominium intends to keep operating it as an affordable housing complex.

“The Brittany is one of only a handful of long-term affordable housing communities in Fort Myers,” he says.

Dominium, according to its website, is the one of the largest affordable housing developers in the country with 37,000 apartment units in 18 states, including 25 complexes in Florida. Of those 25, six on are the Gulf Coast including five in the Fort Myers area, two in Sarasota and one in Tampa.

The company owns more than $3 billion in properties and employs about 1,200.

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