Cardone Capital has picked up a 350-unit apartment complex for $53 million in Fort Myers. The property, Iona Lakes, was built in 1986 at 15000 Iona Lakes Drive. The asset encompasses 50 two-story residential buildings, a clubhouse and a laundry building. With an average unit size of 811 sqf, the complex changed hands for just under $151,430 per unit. The seller, Northland Investment Corp., bought the community in 2013 for $22m at a time when it was 94 percent leased.
