Cushman & Wakefield’s Florida Multifamily Group has negotiated the sale of a 252-unit, newly constructed apartment community in Fort Myers, Fla. Mosaic at the Forum is situated at 2100 Champion Ring Road. It sold for $49.7 million, or $197,321 per unit, representing the firm’s second Fort Myers Class A apartment sale of 2018.
Completed in December 2017, Mosaic at the Forum had been managed by Incore Residential. The gated property enjoyed a swift lease-up and stood at approximately 95 percent occupancy at the time of the sale. Featuring 10 three-story buildings, the apartment community sprawls across a 13-acre site near retail and restaurants.
Cushman & Wakefield’s Senior Directors Brad Capas and Luis Elorza, along with Vice Chairman Robert Given, represented Mosaic Development in the transaction. The buyer is an entity led by InvestRes, a privately-held real estate investment company with multifamily assets throughout Florida and several other states.
High visibility location
“Southwest Florida continues to attract a broad audience of multifamily buyers ranging from private investors to large institutions,” Capas said, in a prepared statement. “It is among the fastest-growing submarkets in the country, with an impressive employment story. And investors are taking note. We are continuously contracted by investors who are specifically targeting Lee and Collier Counties for multifamily investment.”
The property features direct frontage along Interstate 75, where it is passed by a daily average of 86,000 cars. Common-area amenities include a resident clubhouse and a pool deck with fire pit, grills and gazebos. Also featured are two dog parks, area wide Wi-Fi, a resident package delivery system and a leasing center. Apartments average 908 square feet in size, and feature walk-in closets, full-size washer-dryers and detached garages.
“Mosaic at the Forum represented the prototypical investment opportunity offering many of the qualities core investors seek including superior quality construction, a high-visibility location and convenient access to employment and shopping,” Elorza said, in a prepared statement. “The property’s rapid lease-up at competitive rents makes a strong statement for the continued strength of the Fort Myers rental apartment market.”
Image courtesy of Cushman & Wakefield