Fort Myers Property Commands $65M
- Aug 21, 2019
Wyse Technology Investments acquired Channelside, a 325-unit community situated in the heart of Fort Myers, Fla., for $65.2 million, from Meyers Group. Newmark Knight Frank Multifamily’s Vicepresident Fernando Riboli facilitated the assumption of a Freddie Mac loan on behalf of the buyer. The seller was represented by Hampton Beebe and Avery Klann, vice chairmen, and directors Jonathan Senn and Tyler Minix.
The 2015-built community, which is located at 15270 Ballast Point Drive, stood at about 93 percent occupancy at the time of the sale.
Channelside features five buildings spread across a nearly 29-acre parcel. Its one-, two- and three-bedroom apartments range from 791 to 1,398 square feet in size. Monthly rental rates range from $1,115 for a one-bedroom apartment to $1,698 for a three-bedroom with 1.75 baths.
The high-end features and finishes of Channelside’s residences include above-standard ceiling height of 9 feet, 4 inches, washers and dryers in all units, high-speed Internet access and spa-inspired bathrooms. Prominent among the list of common-area amenities is a multi-purpose gaming and media center.
Channelside features a location convenient to surrounding employment, shopping, recreation and nightlife opportunities in a market marked by significant upside.
The apartment community is within 21 minutes of three institutions of higher learning: Edison State College, Southwest Florida College and Hodges University. Major retail centers in the area include Gladiolus Gateway, McGregor Point Shopping Center and Gladiolus Village, all eight to nine minutes from the community.
Parks and recreation in the area include Jaycee Park, Rotary Park Environmental Center, Mound Key Archaeological State Park, Reflections Park, and Four Mile Cove Ecological Preserve.
Another Fort Myers apartment property changed hands earlier this year in a transaction facilitated by Berkadia. The 290-unit Cobblestone on the Lake was acquired by ESG Kullen for $21.3 million.