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Apartment community sold for $49.7 million

Cushman & Wakefield facilitates sale of Mosaic at the Forum in Fort Myers to private investment group.

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  • | 5:30 a.m. November 12, 2018
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Moasic at the Forum in Fort Myers was sold to a private investment company for an average price of $197,321 per unit.
Moasic at the Forum in Fort Myers was sold to a private investment company for an average price of $197,321 per unit.
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FORT MYERS — Mosaic at the Forum, a 252-unit apartment community built in 2017, has been acquired by an entity led by InvestRes, a privately held real estate investment company with multifamily assets throughout Florida and several states. InvestRes paid $49.7 million for the property, or $197,321 per unit, according to a statement. 

InvestRes has a Florida headquarters in Tampa.

The seller, St. Petersburg-based Mosaic Development, was represented by Cushman & Wakefield Florida Multifamily Group. The gated community of 10 three-story buildings on a 13-acre site with frontage along Interstate 75 north of Colonial Boulevard, was 95% leased at the time of the sale. Cushman & Wakefield Senior Director Brad Capas, Senior Director Luis Elorza and Vice Chairman Robert Given assisted in the transaction.

“Southwest Florida continues to attract a broad audience of multifamily buyers ranging from private investors to large institutions,” says Capas in a statement. “It is among the fastest-growing submarkets in the country with an impressive employment story, and investors are taking note. We are continuously contacted by investors who are specifically targeting Lee and Collier counties for multifamily investment.”

The sale was the second Fort Myers Class A apartment community transaction this year for Cushman & Wakefield. In February, the company facilitated the sale of Spectra Apartments for $71.4 million, which at $220,000 per unit was the highest per-unit apartment price in Lee County.

“Mosaic at the Forum represented the prototypical investment opportunity offering many of the qualities core investors seek including superior quality construction, a high-visibility location and convenient access to employment and shopping,” says Elorza in the statement. “The property’s rapid lease-up at competitive rents makes a strong statement for the continued strength of the Fort Myers rental apartment market.”


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