East Manatee County apartment complex sells for $102 million

Naples/Fort Myers

Building up: Construction has started on a 412-unit apartment development in Cape Coral. West Palm Beach-based Shoreham Capital broke ground on the property on Tierra De Paz Loop in late November and expects to finish work in mid-2025. Shoreham is building the property, Siesta Lakes, with the Bridge Investment Group from Utah and Wynkoop Financial from Colorado. It is using a $66 million construction loan on the $120 million project. The trio paid $11.5 million for the 26-acre property last year. When done, the complex will include one-, two-, and three-bedroom open concept units each with a private balcony and a view of a private lagoon.

Storage wars: An Indiana company has bought 5.77 acres in Cape Coral and is planning to build a storage facility there. According to Lee County property records, Shamrock Builders in Indianapolis bought the property at 3410 Chiquita Blvd. S. for $2.5 million. Colorado-based firm Newcom Real Properties was the previous owner. A spokesperson for LQ Commercial, the transaction agent on the deal, says when complete the property will have 125,000 square feet of rentable space. The Fort Myers commercial real state firm says it will be a CubeSmart facility.