HFF Closes Sale of 936-Unit Community in Southwest Florida

By Robert Demeter

Gulfstream Isles, Fort Myers, Fla.

Fort Myers, Fla.—HFF has closed the sale of and arranged financing for Gulfstream Isles, a 936-unit apartment community in Fort Myers.

The sale price was undisclosed, but the property traded for $91 million back in 2006, according to Yardi Matrix. HFF marketed the property on behalf of the seller, Waterton.

Starwood Capital Group purchased the asset free and clear of existing debt. HFF worked on behalf of the new owner to place a 10-year, floating-rate loan with Freddie Mac’s CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus Seller and Servicer program.

The HFF investment sales team representing the seller was led by Executive Managing Director Matthew Lawton and Senior Managing Director Matt Mitchell. HFF’s debt placement team representing the buyer was led by Elliott Throne, managing director.

Gulfstream Isles, Fort Myers, Fla.

Completed in three phases, Gulfstream Isles consists of 42 residential buildings with one-, two- and three-bedroom residences averaging 949 square feet. Community amenities include four swimming pools and two spas, three tennis courts, volleyball court, fitness and business center, grilling areas, two dog parks, playground, clubhouse, laundry facilities and a total of 1,000 parking spaces. The community is currently 95 percent leased and, according to Yardi Matrix, average monthly rents equate to $1,004.

The property is situated on a 39.3-acre site at 1601 Red Cedar Drive, approximately 5 miles south of downtown Fort Myers’ historic district. The property is less than one mile south from a Publix-anchored retail center and 3 miles north of the Bell Tower Shops, an upscale shopping and dining destination.

HFF also recently closed the sale of and secured acquisition funding for a 320-unit community in Houston, Texas.

Photos courtesy of Yardi Matrix