JBM Institutional Multifamily Advisors has completed the sale of three communities, totaling 775 units in Fort Myers, Fla. The NRP Group, Garret Cos. and Royal Palm Cos. traded the properties, in separate transactions, for a combined $265 million.
The NRP Group sold Las Palmas, a 300-unit garden-style community to PassiveInvesting.com, for $109 million. Benefit Street Partners funded the acquisition with an $82 million loan, according to public records. The NRP Group completed the development in 2021, with a $38.5 million construction loan from Synovus Bank in 2019, Yardi Matrix shows.
Spanning 23.8 acres, Las Palmas encompasses 12 buildings and a mix of one-, two- and three-bedroom apartments, ranging from 650 to 1,678 square feet. Common-area amenities include a fitness center, two pools, a volleyball court and a home office space.
Located at 11900 Marquina Blvd., the community is within 3 miles of Gulf Coast Town Center shopping mall, Target and Costco Wholesale. Three Oaks Park and various green areas are within 4 miles of the property.
The Southwest Florida Coast market
As part of the transactions, JBM also completed the sale of Drift at the Forum, another 195-unit luxury community in Fort Myers, Fla., sold by Garrett Cos. for $62.5 million, according to Yardi Matrix data. TerraCap Management LLC paid $89.7 million for the third property, the 280-unit Estero Oaks, to Royal Palm Cos., the same data provider shows.
With strong market fundamentals, the Southwest Florida Coast has registered a 33.6 year-over-year rent growth, as of January. Under construction and planned projects in Fort Myers make up for almost 10 percent of the total inventory and will add roughly 3,000 units to the existing inventory.