New apartment complex in Fort Myers sells for almost $220,000 per unit

Naples-based Stock Development sold the 324-unit apartment complex for $71 million to Coastal Ridge Real Estate and H. Katz Capital Group Inc.

March 03, 2018 03:30 PM

The Spectra apartment complex in Fort Myers

A newly built 324-unit apartment complex in Fort Myers sold for $71 million, or nearly $220,000 per unit.

The new owners are Columbus, Ohio-based Coastal Ridge Real Estate and H. Katz Capital Group Inc. of Southampton, Pennsylvania. The seller was Naples-based Stock Development.

Spectra was built last year on a 32.5-acre site at 5500 Spectra Circle in Fort Myers. It has 108 units with one bedroom and one bathroom, 180 units with two bedrooms and two bathrooms and 36 units with three bedrooms and two bathrooms.

The apartments have a nine-foot, four-inch ceilings, stainless steel appliances, kitchen islands, ceiling fans, washers and dryers. Monthly rents range from $1,397 to $1,942.

Common-area amenities include a 6,000-square-foot clubhouse with a coffee bar, computer lounge and gym, plus an outdoor covered patio with a pool table, ping pong table and televisions.

Spectra also features a swimming pool with private cabanas, gated entrance, dog park, and tennis court. The property is adjacent to a six-acre park with nature trails.

A three-member team at brokerage firm Cushman & Wakefield – Robert Given, Zachary Sackley, Brad Capas and Luis Elorza – represented Stock Development in its sale of Spectra.

Mark Grace and Will Baker of Walker & Dunlop secured acquisition financing from Freddie Mac on behalf of Coastal Ridge Real Estate and H. Katz Capital Group. – Mike Seemuth

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