Cushman & Wakefield Brokers $71.4M Sale of New Multifamily Community in South Florida
FORT MYERS, FLA. — Cushman & Wakefield has brokered the $71.4 million sale of Spectra Apartments, a 324-unit multifamily community in Fort Myers. Robert Given, Zachary Sackley, Neal Victor, Luis Elorza, Brad Capas and Gary Tasman of Cushman & Wakefield arranged the transaction on behalf of the seller, Naples-based Stock Development, which completed construction on the property in July 2017. Mark Grace and Will Baker of Walker & Dunlop represented the buyer, a joint venture between Coastal Ridge Real Estate and H. Katz Capital, and secured a Freddie Mac loan on behalf of the partnership. The deal marks the 20th joint venture acquisition between the firms, which currently own and operate $867 million of student housing and multifamily properties throughout the U.S. Spectra Apartments offers a mix of one- to three-bedroom units with an average size of 993 square feet. Community amenities include a resort-style pool, cabanas with TVs and wet bar, tennis court, playground, cardio and yoga rooms, fitness center and a dog park.