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Commercial Real Estate
Business Observer Friday, Aug. 24, 2018 2 months ago

Pair of Fort Myers, Estero apartments fetch $100 million in sales

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Fountains at Forestwood, Coastal Village trade hands in recent deals
by: Kevin McQuaid Commercial Real Estate Editor

A pair of recent apartment sales in Estero and Fort Myers have generated nearly $100 million in proceeds, according to Lee County property records.

Miami-based Lloyd Jones Capital acquired the Fountains at Forestwood community in Fort Myers for $55 million, adding to its portfolio of 18 multifamily rental complexes in Florida containing 3,600 units.

The 397-unit complex, at 1735 Brantley Road, was completed in 1985 and features amenities such as a resort-style swimming pool; 24-hour fitness center; lakefront jogging trails; and a car wash center.

The property also is located in close proximity to both Florida Southwestern State College and Interstate 75.

Lloyd Jones completed the transaction with roughly $38.21 million in financing provided by the South Florida office of Berkadia Commercial Mortgage, an affiliate of Omaha-based investment firm Berkshire Hathaway.

Berkadia obtained the funds from Freddie Mac’s “Green Up” program, which stipulates borrowers must commit to initiatives including water usage reduction. Freddie Mac’s loan to Lloyd Jones carries a fixed rate and matures in 2028.

Lloyd Jones officials did not return telephone calls for comment on the purchase. In all, the company owns 31 complexes in six states: Florida, Texas, New Hampshire, Michigan, Virginia and South Carolina. In Florida, the company’s portfolio includes the 432-unit Vibe at Gateway in St. Petersburg and the 160-unit Meetinghouse at Bartow.

In the other deal, Coastal Ridge Real Estate bought the 800-unit Coastal Village apartments in Estero for $44 million.

The 19401 Skidmore Way complex last traded for $32 million in January 2015, property records show. The community is located just a few miles from Gulf Coast University.

Coastal Village becomes the company’s fifth Florida holding, according to its website. It also owns multifamily rental properties in Gainesville, Panama City Beach and Lutz.

Earlier this year, Coastal Ridge spent $71.4 million to buy the 324-unit Spectra Apartments in Fort Myers, which had been completed in mid-2017 by Naples-based Stock Development.

Founded in 2013, Columbus, Ohio-based Coastal Ridge owns more than 4,300 apartments nationwide valued in excess of $1.6 billion, according to its website.

Company officials did not return telephone calls for comment on the Coastal Village property.

 

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