FORT MYERS, FLA. — Westside Capital Group, a Miami-based real estate investment holding firm, has purchased Campo Felice, a 24-story residential tower located in downtown Fort Myers. Westside Capital acquired Campo Felice for $55 million, or $170,000 per unit.
Campo Felice was originally built as a Sheraton hotel in 1986. In 2015, The MacFarlane Group acquired and redeveloped the property into a seniors housing community. As the new owners, Westside Capital intends to invest up to $5 million in capital improvements, upgrades and professional management to convert the property to a market-rate apartment tower. Existing senior residents will be welcomed to stay and lease at the property under the new ownership, though there will no longer be an active adult component.
The 323-unit property features one- and two-bedroom apartments with floor-to-ceiling windows. Community amenities include four dining venues, a pool with jet spa, a 2,200-square-foot fitness center, a 49-seat movie theater, salon, dog park, ballroom and 521 parking spaces. The property was approximately 50 percent occupied at the time of sale.
Located at 2500 Edwards Drive, the property sits on a 3.2-acre site on the south bank of the Caloosahatchee River, directly behind the Fort Myers Yacht Basin, a marina project.
Charles Foschini and Christopher Apone of Berkadia secured $47.1 million in acquisition financing on behalf of Westside Capital. Ladder Capital Finance LLC provided the five-year, floating-rate loan, with full-term interest-only payments for four years with one 12-month extension.