A joint venture between TruAmerica Multifamily and MSD Capital has paid $66 million for the Sienna at Vista Lake apartments in Fort Myers. The 640 unit property is located on a 35 acre site on Winkler Avenue. Built in 1991 as two 320-unit communities on adjacent parcels, the property’s 32 three-story residential buildings offer a mix of one- and two-bedroom floor plans. Common area amenities include two resident clubhouses, each with its own swimming pool, spa and fitness center. This is TruAmerica’s fourth investment with MSD Capital. The partnership’s value-add portfolio now includes more than 2,500 multifamily units in Florida, Nevada, Maryland and California.
“Sienna is a well located property that has benefited from institutional ownership for nearly a decade,” said Matthew Ferrari, East Coast Director of Acquisitions for TruAmerica. “We were able to acquire the property at a significant discount to replacement cost in a market that is demonstrating very strong multifamily fundamentals.”
