ZMR Capital Completes 1st Fort Myers Acquisition
The $44.5 million acquisition is part of the company’s growth strategy in Florida.
ZMR Capital has acquired Park Place Apartments, a 338-unit community in Fort Myers, Fla., for $44.5 million. The off-market transaction marks the company’s first foray into the Fort Myers market and its seventh acquisition in Florida. CBRE represented both the seller and the buyer in the deal.
Located at 4637 Deleon St., the property originally comprised two buildings, which were later merged into one. Park Place features a mix of studio and one- to three-bedroom units, half of which are still in their initial condition. The new owner plans to refurbish the community’s interior and exterior, as well as install in-unit washers and dryers, new stainless-steel appliances, and upgraded countertops, backsplash, cabinetry and flooring.
Park Place is close to local schools, as well as shopping, dining and entertainment venues.
The sale was arranged by CBRE Executive Vice President Mike Regan.
The robust demand for multifamily units in the Fort Myers submarket bodes well for ZMR’s growth strategy. According to CEO & Co-Founder Zamir Kazi, the company plans to expand its Florida portfolio with acquisitions worth $250 million in the coming two to three years.
Last month, the company purchased District Flats Off Dobson Apartments, a 112-unit community in Mesa, Ariz., for $18.2 million. Shortly after closing that transaction, ZMR strengthened its presence in the Phoenix market by acquiring Tides on 25th, a 240-unit community located near one of the largest business hubs in the metro.