Edisto Lake Apartments Sold for $7 Million
10/24/2011
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Rob Mintz
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Fort Myers/Naples – October 24, 2011
Pacifica Companies, LLC purchased Edisto Lake Apartments, a 376-unit multi-family complex at 10770 Clear Lake Loop, Fort Myers from Edisto Group Ltd for $7,000,000. The price equated to $18,617 per unit.
Built in 1996 under the Section 42 tax credit program, 80% of the units must be set aside for households with income equal to or less than 60% of area median income. The remaining 20% of the units must be rented to households whose income is equal to or less than 40% of the area median. Well located just off McGregor Blvd, the property features 23 two- and three-story buildings situated on over 90 acres surrounding a large 60-acre lake.
Jonathan Richards and Thomas Fischer of CBRE brokered the transaction. "Occupancy is only about 83%," said Richards. "However, new ownership plans to invest substantial capital to rehab and stabilize the property. With this investment, this unique property has the potential to be one of the nicest affordable rental communities in South Fort Myers."
Serving Fort Myers, Cape Coral, Lehigh Acres, Estero, Bonita Springs, Naples, Marco Island, Port Charlotte, Punta Gorda, Sarasota, Manatee County, Hendry County, Stuart and all of Florida.