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Apartments sell for $7M


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  • | 4:02 p.m. October 24, 2011
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FORT MYERS — Pacifica Companies LLC bought Edisto Lake Apartments, a 376-unit multifamily complex, from Edisto Group LTD for $7 million, says a release by CBRE Group. The purchase price equated to $18,617 per unit.

The complex features two- and three-story apartment buildings on more than 90 acres surrounding a 60-acre lake. Occupancy was about 83% at the time of the sale, according to Jonathan Richards, who handled the transaction with Thomas Fischer, both of CBRE.

Located at 10770 Clear Lake Loop in Fort Myers, the apartments were built in 1996 under the Section 42 tax credit program. This means 80% of the units must be reserved for households with income equal to or less than 60% of the area median income.

“New ownership plans to invest substantial capital to rehab and stabilize the property,” Richards says in a release. “With this investment, this unique property has the potential to be one of the nicest affordable rental communities in south Fort Myers.”

 

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