Since joining Naples-based Stock Development in 2006, Keith Gelder has developed infrastructure for 20 communities comprising more than 3,500 residential units. The list includes Lely Resort — one of Collier County’s largest developments.
With that as a backdrop, two years ago Gelder founded and was named president of the company’s Stock Luxury Apartment Living division. The company sought to tap into the expertise Gelder gained in his prior career with Raymond James Tax Credit Funds, where he specialized in the acquisition and syndication of tax credit equity for apartment properties.
With little new apartment development in Fort Myers, Gelder led the development of Spectra, a luxury apartment complex off Tamiami Trail just south of Alico Road.
“What people forget is there really weren’t any apartments built in Fort Myers for 10 years," says the 37-year-old Gelder. “If you go back and look in the boom years, many of those apartments that were built were (turned) into condos, so they were wiped off the apartment supply immediately.”
Gelder says Stock had been considering entering the apartment development market for some time and called Specrta, which it later sold, as a “resounding success.” Specrta has since spurred four additional multifamily projects in various stages, including Fruitville Commons in Sarasota. Construction is nearing completion on Inspira at Lely Resort in Naples.
“Our strategy is we sell lifestyle,” says Gelder. “We build highly amenitized communities at a high spec level, somewhere people are proud to call home.”
Gelder’s responsibilities extend beyond leading the multifamily housing division. As vice president of Stock Development, he also leads day-to-day operations, including site acquisitions, feasibility, underwriting, financing, construction administration, lease-up and asset disposition.
With his additional responsibilities, Gelder’s non-work goal of visiting every Major League Baseball stadium is on hold. “I’ve moved that to my retirement bucket list,” he says.