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Spectra Apts in Fort Myers Sold for $71.4M

Stock Development Sells 324 Units to JV
March 6, 2018
A joint-venture partnership between Coastal Ridge Real Estate and H. Katz Capital Group has closed on its acquisition of the Spectra apartments at 5500 Spectra Cir. in Fort Myers, FL.

Stock Development sold the 324-unit multifamily community for almost $71.43 million, or about $220,000 per unit.

The three-story, 324,000-square-foot, Class A residential building was constructed in February 2017 in the Fort Myers Outlying MF submarket of Lee County.

The property offers a mix of one-, two and three-bedroom floorplans across 12 buildings with asking rents between $1,389 and $1,944 per month. The pet-friendly property features a fitness center, lake access, a swimming pool, and numerous interior amenities.

Mark Grace and Will Baker with Walker & Dunlop represented the buyers. A Cushman & Wakefield team of Robert Given, Zachary Sackley, Neal Victor, Luis Elorza, Brad Capas and Gary Tasman represented Stock Development in the sale.

Please refer to CoStar COMPS #4151249 for more information on this transaction.
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