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Florida Apartment Portfolio Sells To Local Investor Group

A 1,000-unit portfolio of apartment properties in Ft. Myers, Fla., has sold for $71.3 million. Naples Realty Group bought the entire portfolio of B+ units from two separate sellers: apartment REIT Equity Residential and NRI-CKT Fort Myers I LLC. The sale was brokered by JBM Realty Advisors.

Beach Club and Viridian Lake — two of the properties with a combined 640 units — consist of garden apartments built along the edge of a 3-acre lake. Both complexes boast resort-style swimming pools with heated Jacuzzis and poolside Tiki bars with BBQ grills. Beach Club’s unit sale price was roughly $60,000, while Viridian Lake came in at roughly $65,000 per unit. The cap rate on both properties was around 6%, according to JBM Realty.

Park Crest at the Lakes was the third property in the portfolio. The 360-unit luxury apartment complex features vaulted ceilings, walk-in closets and enclosed solariums. There are heated whirlpool spas on the grounds, along with a lighted tennis court. Park Crest sold for roughly $86,000 per unit, or $31 million.

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