$71 Million Transaction Sets New Price-Per-Unit Record
FORT MYERS, FL — Cushman & Wakefield’s Florida Multifamily Group has negotiated the sale of Spectra Apartments for $71.425 million ($220,448 per unit). The per-unit price for the 324-unit community established a new high water mark for the Fort Myers market.
Led by Vice Chairman Robert Given, the Cushman & Wakefield investment sales team responsible for executing the disposition was comprised of Zachary Sackley, Neal Victor, Luis Elorza, Brad Capas and Gary Tasman.
Spectra Apartments was developed and sold by Naples-based Stock Development. Stock has a long history of developing luxury single-family homes and Spectra marks its first completed multifamily asset. The property was acquired by an entity affiliated with Coastal Ridge Real Estate based in Malibu, CA.
Completed in July 2017, Spectra consists of 324 luxury apartments in 12, three-story apartment buildings on 32.5-acre site. The average unit size is approximately 993 square feet. The property experienced a rapid lease-up and strong rent growth through stabilization.
Spectra Apartments is located within minutes of Interstate 75 and has excellent drive-by visibility along Tamiami Trail (US–41).
“Southwest Florida is among the most rapidly expanding submarkets in the country, and, as a result, it is attracting the attention of multifamily investors nationwide,” said Victor. “The Spectra offering attracted a broad range of investor interest ranging from major institutions to regional private investors.”
Added Capas, “In addition to Spectra establishing the new high price per unit mark for Fort Myers, we are very encouraged to have received offers from multiple bidders in record-price territory. This makes a strong credibility statement for the investment appeal of the Southwest Florida multifamily market.”
Cushman & Wakefield’s Florida Capital Markets team, led by Given, includes Capas and Elorza leading West Florida; Jay Ballard and Ken Delvillar leading Central Florida; Julie Bohn in Jacksonville; Sackley, Troy Ballard; Calum Weaver, Victor and Errol Blumer in South Florida; and Robert Kaplan, Christopher Lentz and Mark Rutherford handling debt, equity and structured finance.
David A. Meyer
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