Passco Shells Out $54M for Florida Community
- May 04, 2017
Passco Cos. has increased its presence in Florida with the acquisition of Springs at Estero, a Class A, 260-unit multifamily community in the Estero submarket, within the Cape Coral-Fort Myers, Fl. metropolitan statistical area. The recently completed, stabilized property traded for $53.5 million and the new owner plans to rebrand it as Longitude 81°.
Chris Black, senior vice president at KeyBank Real Estate Capital’s Commercial Mortgage Group, arranged the acquisition financing through Fannie Mae. According to public records, the $34.8 million loan is set to mature in May 2027. James Bay, chairman & CEO of JBM Institutional Multifamily Advisors represented the seller, Continental Properties.
The property is located at 11221 Everblades Parkway, approximately five miles from the Southwest Florida International Airport and near a diverse range of employment hubs, including Florida Gulf Coast University, Gulf Coast Medical Center and a variety of Fortune 500 companies.
Constructed in 2016, Springs at Estero features a resort-style swimming pool with sun deck, a community clubhouse with Wi-Fi, coffee bar, fireplace and a catering kitchen, a 24-hour fitness center and a poolside summer kitchen, among other amenities. Residents enjoy easy access to nearby retail, gulf beaches, golf courses and country clubs.
“The acquisition of Springs at Estero, which we plan to rebrand as Longitude 81°, is reflective of our ongoing strategy to acquire core assets with long-term growth potential in dynamic markets across the Southeast,” said Colin Gillis, vice president of acquisitions for the Southeast at Passco Cos. “This is our fourth acquisition in Florida in the last 12 months.” he added.
Images courtesy of Passco Cos.