Maryland firm buys Lee site for apartments

One of the Baltimore area's best-known development firms has acquired a 37.6-acre tract in Fort Myers, where it plans an “upscale” apartment community.

Knott Realty Group plans at least 400 new multifamily units at 9851 Ben C. Pratt Six Mile Cypress Parkway, a site it acquired in December for $5.2 million.

“Much of Collier County's land has become overpriced, and Sarasota is largely considered overpriced, so that's pushing people to Lee County, Port Charlotte in Charlotte County and North Port in Sarasota County,” says Skip Thinnes, a senior vice president at commercial brokerage firm Lee & Associates, who represented Knott and the seller in the transaction.