BUYER: Kensington Capital Management LLC (principal: Nolan Baird Jr.), Naples
SELLER: SG&D LLC
PROPERTY: 15105-15156 Pine Meadows Drive, Fort Myers
PRICE: $3.25 million
PREVIOUS PRICE: $3.02 million, May 2005
LAW FIRM ON DEED: Gulfstream Title LLC, Fort Myers
PLANS, DESCRIPTION: Kensington Capital Management LLC, a purchase entity managed by Nolan Baird Jr. of Naples, purchased the 60-unit Lost Tree Village Apartments for $3.2 million.
Including a $50,000 credit to the buyer, the price equated to $53,333 per unit or $90 per square foot.
Built in 1984, the 8.43-acre property features eight one-story buildings. The south Fort Myers community contains nine studio units, 41 one-bedroom/one-bath units and 10 two-bedroom/one-bath units. It also includes a laundry facility.
The property was 100% occupied with a waiting list at the time of the sale.
Jonathan Richards of CRE Consultants represented the seller and Dan Guoan of CRE Consultants represented the buyer.
“Lost Tree has the advantage of an excellent location and proximity to several key employers in the south Fort Myers market,” says Jonathan Richards of CRE Consultants, in a news release. “The combination of the historically strong occupancy rates and loyal tenant base positions Lost Tree Village to benefit from the continued tight rental market and improving local economy.”
The purchase price had a payoff ratio based on income (capitalization rate) in the high 8%.