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FORT MYERS — DeBartolo Development LLC recently announced the sale of The Palms of Monterrey for $39.2 million, or roughly $96,000 per unit, according to a news release.
The company worked with Behringer Harvard Opportunity REIT II Inc. and Christian Tyler Properties LLC to sell the 408-unit multifamily property located in Fort Myers to Newton, Mass.-based Churchill Forge Properties Inc. Behringer is based in Dallas and Christian Tyler is headquartered in Tampa.
Built in 2001, the gated development is located on 28 acres at 15250 Sonoma Drive. The community consists of 17 three-story buildings with one-, two-, and three-bedroom units.
DeBartolo acquired the property in 2009. Edward Kobel, president and chief operating office of DeBartolo Development, says the company's timing in its purchase was key. “We bought the Palms during a time when people were fearful of the downturn in the real estate market as capital markets had seized up and financing wasn't available,” Kobel says in the release. “Knowing the market and anticipating housing trends from the foreclosure crisis, we saw this as an exceptional opportunity to purchase a first-class asset for a significant discount.”
Based in Tampa, DeBartolo Development is one of the largest privately held real estate development companies in the country.
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