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BUYER: Focus Estero Partners LLC (manager: Jeffrey Graef and Louis Beck), Boca Raton
SELLER: AOC Shareholders Inc.
PROPERTY: 10471 Corkscrew Commons Drive, Estero
PRICE: $1.73 million
PREVIOUS PRICE: $1.19 million, September 1980
LAW FIRM ON DEED: Edgar A. Benes PA, Boca Raton
PLANS, DESCRIPTION:
Focus Development Group LLC purchased 8.57 acres at the northwest corner of Interstate 75 and Corkscrew Road for $1.73 million.
The price equated to $202,027 per acre.
The Boca Raton company plans to develop the site into a 136-unit apartment community. The project, which is being called Courtyards at Estero, calls for 17 two-story residential buildings and a clubhouse. The project will feature a swimming pool, fitness center, dog park, internal courtyards and garages for a number of the units.
Essian Construction of Altamonte Springs is the general contactor for the project, and Fugleberg Koch of Winter Park is the architect.
Construction on the project is scheduled to start in May for delivery of the first units in late fall or early winter. The entire development is set for completion in May 2016.
“I believe this location gives us the greatest mix of renters,” says Jeff Graef, president of Focus Development Group. “We're close enough to the university to where we can pull graduate students and other people that work at the university. There also are all the managers of the nearby restaurants and stores.”
This will be Focus Development Group's first apartment project. It has primarily developed condominium units. However, the firm has 550 rental residential units in the pipeline that it expects to come online in 2016, including another project in Estero.
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