Southwest Florida Community Commands $35M

Phoenix Bay Ventures has sold a 186-unit luxury property in Cape Coral. JBM Institutional Multifamily Advisors brokered the transaction.
Coralina Apartments

Phoenix Bay Ventures has sold Coralina Apartments, a 186-unit luxury community in Cape Coral, Fla. Bella Luna Investments Inc. purchased the asset for $35 million, while JBM Institutional Multifamily Advisors facilitated the sale. The brokerage platform also arranged the recent disposition of a Fort Myers, Fla., 350-unit community.

Located at 3305 Grant Cove Circle, roughly 10 miles northwest of downtown Cape Coral, the property is 2.2 miles east of Matlacha Isles. The closest retail center, The Shops at Cape Coral, is 1.1 miles west of the community, while downtown Fort Myers is 12.1 miles east.

Completed in 2018, Coralina consists of eight two- and three-story buildings spread across 10.4 acres. The unit mix features one- to three-bedroom floorplans ranging in size from 783 to 1,340 square feet. Common-area amenities include a clubhouse, heated swimming pool, sun deck and outdoor fire pit, covered poolside veranda and fitness center. According to Yardi Matrix data, the property was 96.2 percent occupied as of August.