The Real Deal Miami

Courtelis Co. sells SW Florida rentals for $11M

The Miami-based company paid about $86,000 per unit for the 128-unit apartment complex in North Port
October 07, 2018 11:00AM

Kevin Morris, senior vice president, Colliers International

Miami-based Courtelis Co. sold a fully leased apartment complex in southwest Florida for $11 million.

Courtelis sold the 128-unit property to Grande Court North Port Inc. for about $86,000 per unit.

The five-building, 115,303-square-foot apartment complex, called Grande Court North Port, is at 5203 Greenwood Avenue in North Port, a town in southern Sarasota County.

The new owner of the LIHTC (low income housing tax credit) property is a partnership between Southport Financial and Raymond James Tax Credit Funds.

Kevin Morris, a senior vice president of brokerage firm Colliers International, represented both the buyer and seller in the off-market transaction.

The buyer plans to renovate the North Port rental complex, according to Morris, who called the deal “indicative of the growing appetite for affordable housing assets in Florida.”

A national survey by Maryland-based real estate consulting firm RCLCO shows that the West Villages community in North Port, ranks among the fastest-selling residential developments in the country. – Mike Seemuth