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BUYER: Pacifica Edisto Lake LLC (principals: Deepak and Ashok Israni), San Diego, Calif.
SELLER: Edisto Group Ltd.
PROPERTY: 15251 Pine Ridge Road (better known as 10770 Clear Lake Loop), Fort Myers
PRICE: $7 million
PREVIOUS PRICE: $1 million, March 1995
LAW FIRM ON DEED: Broad and Cassel, Orlando
PLANS, DESCRIPTION: San Diego, Calif.-based Pacifica Properties purchased the 376-unit Edisto Lake Apartments for $7 million.
The price equated to $18,617 per unit.
A spokesman for the Pacifica Cos., the parent company of Pacifica Properties, says the community requires a significant infusion of new capital. The company has set aside $5 million to invest in it. Those improvements are expected to include a new roof and landscaping.
The new owner will continue to rent the community with 60% at market rents and the remainder designated for affordable housing.
The 15-year-old apartment complex surrounds a large lake, which occupies most of the 89.45-acre property.
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