The Real Deal Miami

HFF arranges sale of Fort Myers apartment complex

HFF also secured a 10-year floating-rate loan for the buyer of Gulfstream Isles

October 09, 2016 02:00PM

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One of four pools at Gulfsteam Isles in Fort Myers

One of four pools at Gulfsteam Isles in Fort Myers

Holliday Fenoglio Fowler, L.P. (HFF) handled the sale of a Fort Myers apartment community with a 95 percent occupancy rate and arranged financing for the purchase.

HFF marketed the 936-unit Gulfstream Isles community on behalf of the seller, Waterton, a real estate investment company focused on hotels and multifamily properties.

Starwood Capital Group purchased Gulfstream Isles free and clear of existing debt, and with assistance from HFF, the new owner mortgaged the property with a 10-year, floating-rate loan through Freddie Mac (the Federal Home Loan Mortgage Corporation.  The securitized loan will be serviced by HFF, which did not disclose the loan amount or sale price.

Gulfstream Isles is located on a 39.3-acre site at 1601 Red Cedar Drive about five miles south of downtown Fort Myers’ historic district.

The apartment property is also less than one mile from a Publix-anchored retail center and three miles from Bell Tower Shops, an upscale shopping and dining destination featuring such tenants as Saks Fifth Avenue, Bistro 41, World of Beer and Regal Cinemas.

Completed in three phases, Gulfstream Isles is a cluster of 42 apartment buildings. Unit sizes average 949 square feet.  Shared amenities include four swimming pools, three tennis courts, three grilling areas, two dog parks, a children’s playground, clubhouse, fitness center, media room, business center and coffee lounge.

The HFF investment sales team representing the seller of the Fort Myers property was led by executive managing director Matthew Lawton and senior managing director Matt Mitchell. HFF’s debt placement team for the buyer was led by managing director Elliott Throne.

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