- August 24, 2018
Naples-based Stock Development has hired commercial real estate commercial firm Cushman & Wakefield to sell its recently completed Spectra apartments community in Fort Myers.
The 324-unit complex, completed in July, is expected to fetch at least $70 million when sold, although a fixed price has not been attached to an offering memorandum being distributed, says Keith Gelder, a Stock vice president.
“Based on the market, we felt it was a great time to sell this particular asset,” Gelder says. “This market is severely underserved -- there are simply very few new apartments being built in Fort Myers.”
He adds the company hopes to close on a sale of the 5500 Spectra Circle community sometime in the first quarter of next year.
Stock, a prolific custom homebuilder in Naples, Fort Myers, Lakewood Ranch and, most recently, Babcock Ranch, has developed more than 4,000 single-family residences in its nearly two decades in business.
Spectra, which consists of 12 three-story buildings on 32.5 acres and features amenities like a swimming pool with private cabanas and six acres of walking trails, marks its first foray into the multifamily rental arena.
Gelder says the community won't likely be Stock's only multifamily venture.
“We're looking to expand this into a long-term platform for the company going forward,” Gelder says.
In working to sell Spectra, Stock also is hoping to capitalize on a wave of investor interest in Southwest Florida rental properties.
So far in 2017, a handful of Class A multifamily properties have traded hands with prices of $60 million or more, including Longitude 81, in Estero; Aventine at Naples; Alvista at Laguna Bay, in Naples; Sienna at Vista Lake, in Fort Myers; and the Amberton Luxury Townhomes.
Investor interest is also expected to be strong because Specta is located close to the corporate headquarters of Chico's FAS, Hertz, Garner, a major Arthrex facility and Florida Gulf Coast University. The complex also is near a recently completed $200 million children's hospital owned by Lee Health.
Cushman & Wakefield's Robert Given, Zachary Sackley, Luis Elorza, Brad Capas and Neal Victor will market on behalf of Stock.