Developer plots project with $3.5M purchase

CAPE CORAL — A Pennsylvania developer acquired 104 acres in Cape Coral, one of the last remaining un-platted large tracts in the Cape, for $3.5 million.

Fischler Property Company represented the seller, RA Lakes LLC, according to a statement. Henry Albrecht of Gulf Gateway Realty Inc. represented the buyer, Allentown, Pa.-based Forge Development Group. The land Forge bought, Embers Lake Estates, features more than 40 acres of lakes and is entitled for a mix of both single- and multi-family residential use, the release adds.

The property is just north of Pine Island Road in Cape Coral, at the northwest corner of Nelson Road and Embers Parkway in what's considered one of the nation's hottest apartment markets with occupancy rates above 95%, the release states. A 2017 City of Cape Coral backed study recommended a need for approximately 3,700 new apartment units to come online over the next three years to meet market demand.