Fort Myers Lakeside Property Gets New Owner

Northland Investment Corp. sold the 350-unit Iona Lakes community for $53 million.
Iona Lakes. Image courtesy of JBM Institutional Multifamily Advisors

Cardone Capital continues to expand its Florida multifamily holdings with the acquisition of Iona Lakes, a 350-unit community in Fort Myers, Fla., from Northland Investment Corp. Cardone paid $53 million, or $151,429 per unit, for the 48.7-acre apartment community.


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JBM Institutional Multifamily Advisors arranged the sale. Jamie May, JBM chairman & CEO, said in a prepared statement the property attracted numerous potential buyers. He cited the property’s southwest Fort Myers location, strong fundamentals and value-add potential for the interest. Occupancy is currently about 94.3 percent, according to Yardi Matrix data.

Located at 15000 Iona Lakes Drive, the complex was completed in 1986. The property has a total of 50 two-story residential buildings, a clubhouse and laundry building. Amenities in the clubhouse include WiFi, a billiards room and fitness center with cardio and weight room. Situated around two lakes, the property also features a grill area, mini golf, pet park, swimming pool and spa.

Iona Lakes has one-, two- and three-bedroom floorplans with rents ranging from $1,142 to $1,522 and an average rent of $1,235, according to Yardi Matrix data. The average unit size is about 811 square feet.

Northland Activity

Northland had owned the property since June 2013, when it acquired the asset from American Agape Foundation for $22 million, Yardi Matrix reported. The sale was the second disposition this month by Northland, a real estate private equity firm with more than $5 billion in assets under management and more than 25,000 residential units.

Earlier in August, the firm sold a three-property portfolio with a total of 950 units in Austin, Texas, to Waterton. Northland had owned the properties since 2008. The garden-style communities are located approximately 14 miles north of the metro’s CBD, where major employers are located. The properties, all built in the 1990s, are Madison at Stone Creek, a 19-building, 390-unit community; Madison at Scofield Farms, a 13-building, 260-unit community, and Madison at Wells Branch, a 15-building community with 300 units.

Cardone Making Moves

In late June, Cardone acquired a 501-unit, garden-style apartment community in Sunrise, Fla., located within walking distance to the second largest mall in Florida – Sawgrass Mills. Cardone has rebranded the asset, previously known as Nexus Sawgrass, as 10X Living at Sawgrass. While firm owner Grant Cardone didn’t disclose the purchase price, the Commercial Observer reported Cardone received $93.5 million in financing arranged by Meridian Capital Group to fund the purchase. Cardone did say the acquisition put the firm at nearly $350 million in transactions for the first seven months of the year. At that time, Cardone reported the firm had more than 5,000 units valued at $1.1 billion in assets under management in Georgia, Alabama, Texas and Florida. With the Iona Lakes purchase, the firm owns 2,543 units throughout Florida.

The firm had a busy 2018, including acquiring the 458-unit Gables Grandview luxury apartment community in Austin, Texas, in late December from Gables Residential and rebranding it as 10X Living at Grandview. It was the fourth sizable acquisition in 2018 for Cardone, including the purchase of The Woodway Square, a 507-unit luxury community in Houston, from Fairfield Residential in February 2018.