The Real Deal Miami

New Fort Myers apartment complex with high occupancy rate commands $49.7M

Less than a year after it was built, the 252-unit Mosaic at the Forum was about 95 percent occupied, and the new owner acquired the property for about $197,300 per unit
November 10, 2018 02:50PM

Mosaic at the Forum apartment complex in Fort Myers

A newly built apartment complex in Fort Myers with a rapid lease-up traded for $49.7 million, or about $197,300 per unit.

Completed in December 2017, the 252-unit Mosaic at the Forum had an occupancy rate of about 95 percent at the time of the sale.

Luis Elorza

“The property’s rapid lease-up at competitive rents makes a strong statement for the continued strength of the Fort Myers rental apartment market,” Luis Elorza, a senior director of brokerage firm Cushman & Wakefield, said in a prepared statement.

Elorza represented the seller of the rental property, St. Petersburg-based Mosaic Development, together with Cushman & Wakefield vice chairman Robert Given and senior director Brad Capas.

The new owner of the property is an entity led by InvestRes, a privately held company that invests in multifamily housing.

Mosaic at the Forum is a cluster of 10 three-story buildings on a 13-acre site at 3100 Champion Ring Road in Fort Myers. The average size of the apartments is 908 square feet.

The property’s amenities include a clubhouse, a gym, area-wide Wi-Fi access, a package delivery system for residents and two dog parks. – Mike Seemuth