JV Opens South Florida Luxury Community

Truist Bank provided the developers of the Class A property with $30 million in construction financing in late 2018.
Estero Parc. Image courtesy of ECI Group

ECI Group and Centurion Asset Management have opened Estero Parc, a 198-unit luxury community near Fort Myers, Fla. Truist Bank provided $30 million in construction financing in late 2018, according to Yardi Matrix, shortly before the development broke ground.

The Class A property has a mix of studio, one-, two- and three-bedroom apartments, each with stainless steel appliances, open-concept floorplans and in-unit washers and dryers. Common-area amenities include a swimming pool, a clubhouse, a fitness center, a sports court and outdoor grills.

Located at 3011 Terra Cap Way in Estero, Fla., the community is alongside U.S. Route 41 and within 2 miles of Interstate 75. There are several shopping and dining options in the immediate area, including a Walmart Supercenter. Southwest Florida International Airport is 10 miles northeast of the property.

In November, ECI Group paid more than $48 million for The Ellis, a 235-unit community in Savannah, Ga. The property had opened its doors shortly before the sale closed.