The Springs at Estero, a Class A, 206-unit multifamily community in the Estero submarket, of Cape Coral-Fort Myers, Fl. has been sold to Passco Cos. in a $53.5 million deal. The property is located at 11221 Everblades Parkway, approximately five miles from the Southwest Florida International Airport and near Florida Gulf Coast University and Gulf Coast Medical Center. Just recently completed in 2016 the new owners intend to rebrand the property Longitude 81°. The community features resort-style swimming pool with sun deck, a community clubhouse with Wi-Fi, coffee bar a 24-hour fitness center and a poolside summer kitchen. The deal was completed with a $34.8 million mortgage granted from KeyBank Real Estate Capital’s Commercial Mortgage Group through Fannie Mae. James Bay, chairman & CEO of JBM Institutional Multifamily Advisors represented the seller, Continental Properties.
“The acquisition of Springs at Estero, which we plan to rebrand as Longitude 81°, is reflective of our ongoing strategy to acquire core assets with long-term growth potential in dynamic markets across the Southeast,” said Colin Gillis, vice president of acquisitions for the Southeast at Passco Cos. “This is our fourth acquisition in Florida in the last 12 months.” he added.
