July 10, 2024
Inland Real Estate Sells Southwest Florida Asset for $57M
Interface Properties has acquired Brantley Pines Apartments, a 296-unit multifamily property in Fort Myers, Fla. Inland Real Estate Group was the previous owner, Yardi Matrix information shows.

Vicentiu Fusea | Multi-Housing News

Interface Properties has acquired Brantley Pines Apartments, a 296-unit multifamily property in Fort Myers, Fla. Inland Real Estate Group was the previous owner, Yardi Matrix information shows.

The asset changed hands for $57 million, according to Business Observer. The buyer also took out a $39.9 million Freddie Mac acquisition loan. Berkadia arranged the fixed-rate, five-year financing that also has Green environmental benefits.

The new owner will implement its in-house management solutions and completed a light value-add program.

Completed in two phases between 1988 and 1997, the community features 20 two-story buildings spread across almost 30 acres. The unit mix consists of one-, two- and three-bedroom floorplans, ranging between 602 and 1,345 square feet. Apartments feature washers, dryers and private balconies or patios in select layouts.

Common-area amenities comprise a clubhouse, swimming pool with large sundeck, fitness center and pet park. Additionally, the property has a lake with a dock and barbecue grills, pickleball court and playground.

The community is at 1801 Brantley Road, close to a host of dining and retail options, including the World Plaza II shopping mall. Downtown Fort Myers is within 6 miles, while Southwest Florida International Airport is less than 13 miles southeast.

Berkadia Senior Managing Director Mitch Sinberg, Vice President Michael Basinski, along with Managing Directors Brad Williamson and Scott Wadler, arranged the financing on behalf of the buyer.

Southwest Florida Coast sees multifamily growth

Southwest Florida Coast was one of the top emerging housing markets last year, according to Yardi Matrix information. Some 5,460 apartments came online in 2023.

As of July, the market had 79 developments—totaling about 18,370 units—under construction, with 320 prospective projects or in different planning stages.

In March, Alliance Cos. obtained a $57.3 million HUD 221(d)(4) construction loan for Montego Square, a 280-unit project also in Fort Myers. The community is expected to come online in 2026 and will rise some 6 miles from Brantley Pines.

A month later, LIV Development started construction on Livano Charlotte Harbor, a 333-unit luxury development in Port Charlotte, Fla. The project, which is scheduled for completion in early 2026, will also have 7 acres dedicated to retail and businesses.

 

 

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