Atlanta-based multifamily developer, 360 Residential, has picked up a 20 acre development site for $3.3 million. Located at Summerlin and Pine Ridge roads in Fort Myers, the buyer plans to build a 224-unit luxury apartment complex. 360 Residential has built luxury apartment communities in Atlanta, southern California, south Florida and New York City. LandQwest Commercial Founding Principal John Mounce represented the seller, Summerlin Ridge LLC. Construction on the project is expected to kick off as early as the second quarter of 2017.
“We are pleased to have completed the multifamily portion of this transaction,” says Mounce in the statement. “Southwest Florida is among the most rapidly growing areas in the U.S. That, coupled with a relatively low supply in a market with such high demand, makes this the right time for this project.”
