HFF arranges sale of Fort Myers apartment complex

Miami /
Oct.October 09, 2016 02:00 PM

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.


Related Articles

arrow_forward_ios
Asher Abehsera and Jonathon Yormak with 2400-2500 North Miami Avenue (Google Maps)
LIVWRK in contract to buy Wynwood assemblage from East End Capital
LIVWRK in contract to buy Wynwood assemblage from East End Capital
The Estate Companies Principal Jeff Ardizon and Managing Principal Robert Suris with a rendering of the project. (Estate)
Estate Companies scores $76M construction loan for North Miami Beach apartments
Estate Companies scores $76M construction loan for North Miami Beach apartments
The site and renderings of Premium Development’s nearby project. (Premium Development)
Multifamily developer buys piece of Little Havana assemblage
Multifamily developer buys piece of Little Havana assemblage
FECI's Kolleen Cobb with Countyline Corporate Park and the new sites at 4181 and 4241 West 108th Street (Google Maps)
FECI plans Countyline Corporate Park expansion with $33M construction loan
FECI plans Countyline Corporate Park expansion with $33M construction loan
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Prologis CEO Hamid Moghadam with project plans, an aerial view of Northwest 129th Avenue and 14th Street and the Dolphin Expressway in Miami-Dade County (Prologis, Getty, Google Maps)
Prologis plans to expand its Beacon Lakes business park in Miami-Dade
Prologis plans to expand its Beacon Lakes business park in Miami-Dade
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Domenic Gatto and Banyan Cay Resort and Club (Linkedin, iStock, Banyan Cay)
Developer of Banyan Cay Resort in West Palm faces charge tied to $65M healthcare fraud
Developer of Banyan Cay Resort in West Palm faces charge tied to $65M healthcare fraud
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...