ECI Group Expands Southwest Florida Portfolio
- Jun 15, 2021
ECI Group has acquired Mosaic at Oak Creek Apartments, a 237-unit community in Bonita Springs, Fla. Mosaic Development sold the 2020-built property for $66.5 million, according to Yardi Matrix data. Newmark assisted the buyer in securing a $44.5 million acquisition loan with CrossHarbor Capital Partners.
Mosaic at Oak Creek Apartments is a gated community located at 10655 Founders Way. The property consists of 10 two- and three-story buildings encompassing 7,354 square feet of ground-floor retail space. The floorplan mix includes studios and one- to three-bedroom apartments, ranging from 550 to 1,340 square feet.
Residents have access to a gym, clubhouse, dog walking area, swimming pool and patio, as well as a kayak launch deck on Old Creek leading to Imperial River.
The community sits on 18 acres of land, next to the Old Creek Preserve, and is close to several schools and small restaurants. The property is more than 4 miles from Barefoot Beach and roughly 28 miles south of Fort Myers.
The Southwest Florida Coast is one of the top markets for development across the state, with close to 8,000 units under construction in May, accounting for 11.1 percent of existing stock. Forth Myers in particular is a magnet for developers, with over 2,600 units awaiting completion as of May, Yardi Matrix data shows.