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Greystar buys Beach Club, Viridian Lake
BUYER: GS Beach Club LLC, Charleston, S.C.
SELLER: Albert Berriz of McKinley Inc. court appointed receiver in business litigation court case for FM Properties II Ltd.
PROPERTY: 3621-3699 and 3701-3795 Winkler Ave. Extension, Fort Myers
PRICE: $17.25 million
PREVIOUS PRICE: $40.19 million, March 2004
LAW FIRM ON DEED: Bilzin Sumberg Baena Price & Axelrod LLP, Miami
PLANS, DESCRIPTION: Charleston, S.C.-based multi-family company Greystar Real Estate Partners LLC purchased the Beach Club Apartments and the Viridian Lake next to each other on the Winkler Avenue Extension for $17.25 million. The CoStar Group reports that both properties were built in 1991 and have 320 residential units
The 278,988-square-foot Beach Club features a clubhouse, fitness center, half-mile jogging track, basketball courts, interior racquetball/sports court, pool and spa. Units in the development average 872 square feet, and as of 2006 it was renting for $1.02 a square foot per month, according to marketing information created by CB Richard Ellis.
The 276,064-square-foot Viridian Lake Apartments includes a fitness center, swimming pool, sauna, lighted tennis courts, sand volleyball court and a clubhouse. Units average 863 square feet, and as of 2006 it was renting for $1.03 a square foot per month.
Both of the developments are built around a lake.
Calls to Greystar for comment were not returned prior to deadline.
Greystar manages more than 145,000 multifamily units in more than 90 markets nationwide.
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