Cushman & Wakefield Arranges $43M Sale of Southwest Florida Community
- Aug 20, 2019
Cushman & Wakefield has facilitated the sale of Lakes at North Port, a 312-unit, garden-style community in North Port, Fla. Cohen-Esrey Apartment Investors LLC acquired the Class B asset for $43 million, or $137,821 per unit. According to Yardi Matrix data, the sale was also subject to a $30.1 million Fannie Mae loan originated by Prudential Financial.
Executive Directors Nick Meoli and Mike Donaldson of Cushman & Wakefield’s Florida Multifamily Investment Sales Team represented Symcor Capital Properties, the seller, in the disposition. In November, the same team – then with Marcus & Millichap – brokered the sale of a 198-unit community in Lakeland, Fla.
Lakes at North Port sits on nearly 27 acres at 1015 Ohana Way, offering easy access to Interstate 75 and U.S. Highway 41 and, subsequently, to numerous beaches along Florida’s Gulf Coast. The property is near Myakka River State Park, equidistant from Sarasota and Fort Myers, with Southwest Florida International Airport 55 miles southeast.
The property is comprised of 14 three-story buildings completed in 2000. The unit mix features one- to three-bedroom units with an average size of 923 square feet. Common-area amenities include a resort-style swimming pool, pet park, playground, fitness center, car care center and more than 600 parking spaces, with 10 spaces for boats and RVs. The property is currently 95 percent occupied.
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