A joint venture between Coastal Ridge Real Estate and H. Katz Capital Group Inc. has picked up a recently completed multifamily asset in Fort Myers for $71 million. Naples-based Stock Development sold the 324 unit Spectra, located at 5500 Spectra Circle, for just over $219,135 per unit. Built last year, the property has 108 units with one bedroom and one bathroom, 180 units with two bedrooms and two bathrooms and 36 units with three bedrooms and two bathrooms. Common area amenities include a 6,000 sqf clubhouse, a swimming pool and a six acre recreation park with nature trails. Cushman & Wakefield represented the seller during the disposition while Walker & Dunlop secured acquisition financing from Freddie Mac on behalf of the buyers.
“Stock Development has a proven track record of developing high-end single-family homes and Spectra marks their first multifamily asset. Their focus on delivering top quality product is evident throughout the property, from the market-leading amenities to the attention to detail within the units,” said Executive Managing Director Zachary Sackley, Cushman & Wakefield.
