Dell Technologies founder buys Fort Myers rental complex

Michael Dell's MSD Capital and TruAmerica Multifamily bought the 640-unit complex for $66 million

TRD MIAMI /
Sep.September 16, 2017 03:45 PM

Michael Dell

A family investment firm formed by Michael Dell, the founder of Dell Technologies, partnered with another firm to buy an apartment complex in Fort Myers for $66 million.

In late August, the Dell family’s MSD Capital L.P. and Los Angeles-based TruAmerica Multifamily acquired the 640-unit apartment complex, called Sienna at Vista Lake, for $103,125 per unit.

Matthew Ferrari, director of East Coast acquisitions for TruAmerica, told the Business Observer that the $66 million purchase price was less than the replacement cost of Sienna at Vista Lake. It was constructed as two separate apartment complexes in 1990 and combined in 2010.

The buyers acquired the 35-acre apartment complex with a Freddie Mac Green Up loan arranged by Holliday Fenoglio Fowler.

The Dell family’s MSD Capital and TruAmerica expect to spend about $6 million over the next three years to upgrade the apartments’ lighting fixtures, counter tops, cabinet fronts, and washers and dryers.

Starwood Capital was the seller of Sienna at Vista Lake, located at 3701 Winkler Avenue in Fort Myers. The property has two clubhouses among other amenities, including swimming pools, gyms, jogging trails, and basketball and tennis courts.

Sienna at Vista Lake is the fourth apartment property that MSD Capital and TruAmerica have purchased together. [Business Observer] Mike Seemuth


Related Articles

arrow_forward_ios
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

Nuveen pays $103M for West Palm luxury apartments
Edmund Ansin and the property (Credit: Google Maps)

Billionaire TV family sells Miramar property to Florida Crystals

Billionaire TV family sells Miramar property to Florida Crystals
Toscana apartments and Juan Porro of FCI Residential

Florida Crystals sells Margate rentals for $60M

Florida Crystals sells Margate rentals for $60M
From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Diesel family dishes on Wynwood condo project
 4601 Le Jeune Road, Jose Boschetti and Maurice Boschetti

Gables Residential sells dev site near Shops at Merrick Park

Gables Residential sells dev site near Shops at Merrick Park
Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

Fairfield Residential sells new Flagler Village apartments for $92M
Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon
arrow_forward_ios

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

Loading...