TruAmerica Sells Florida Community for $96M
- Feb 21, 2020
TruAmerica Multifamily has sold The Retreat at Vista Lake, a 640-unit, garden-style apartment community in Fort Myers, Fla., for $96 million. This sale marks the second largest multifamily transaction in the Fort Myers metro.
The Retreat at Vista Lake first completed construction in 1990 and since has been renovated prior to the sale. The community comprises 32 two- and three-story buildings on 35 acres of land at 3701 Winkler Ave. Residents have access to amenities such as two resort-style pools, two spas, a fitness center, gazebo and grilling area, tennis courts, basketball courts, racquetball courts, dog park and a business center. The units average 867 square feet and parking is offered for all of the tenants.
The JLL Capital Markets team of Senior Managing Director Matt Mitchell, Senior Directors Zach Nolan and Brett Moss, Associate Drew Jennewein and Analysts Jarrod Smith and Bailey Smith, procured the buyer and represented TruAmerica in the transaction. The firm purchased the property back in 2017 from Starwood Capital Group for $66 million, according to Yardi Matrix.
Recently, TruAmerica announced the opening of a new Dallas office that will expand its national investment platform.