Exclusive: Southwest Florida Community Commands $67M
The asset changed hands below its 2017 sale price.
The Embassy Group has paid $67 million for Spectra, a 324-unit multifamily community in Fort Myers, Fla., according to Yardi Matrix information. The firm also assumed the $52.5 million outstanding balance of a CMBS loan backing the asset, originated in 2019 by Walker & Dunlop.
Coastal Ridge Real Estate sold the property after nine years of ownership. Back in 2017, the community had changed hands for $71.4 million.
Spectra is the fifth Southwest Florida multifamily property in Embassy’s portfolio, which now comprises 1,415 units. The company first entered the region in 2017 with the acquisition of Amberton, a 306-unit property in Naples, Fla.
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Spectra occupies some 35 acres at 5500 Spectra Circle, close to U.S. Route 41. Southwest Florida International Airport is 9 miles away, while downtown Fort Myers is 12 miles north.
Completed in 2017, the community comprises 12 three-story buildings, the unit mix including one- to three-bedroom floorplans ranging from 700 to 1,307 square feet. Interiors feature walk-in closets, ceiling fans, wood-style plank floors, bathrooms with walk-in showers, in-unit washers and dryers, kitchens with oversized islands and private balconies.
Common-area amenities at the pet-friendly property feature a swimming pool with cabanas and a fitness center with yoga studio, as well as a clubhouse, coffee bar, playground, dog park and 6-acre park.
Southwest Florida investment slows
Year-to-date as of June, the multifamily transaction activity in Southwest Florida Coast recorded a decline across all key metrics. Following its development boom and an oversupply in new units, the region’s fundamentals entered a phase of rebalancing.
During the first six months of the year, 730 apartments sold in the area for roughly $141.2 million or $193,414 per unit, according to Yardi Matrix.
There were 54 percent less units changing ownership year-over-year, while pricing and dollar volume posted a 4 percent and 56 percent decline, respectively. During the first half of 2025, the region recorded $320 million in multifamily sales, with 1,583 units trading for $202,122 on average.
