Chicago-based Henderson Global Investors paid Laramar Group, also based in Chicago, $24.2 million, or $60,957 a unit, for the 397-unit, class B+ garden-style Forestwood complex. It contains existing bond financing with a principal balance of just under $11.5 million, which was assumed by Henderson. The bond financing is tied to the weekly floating rate BMA index, which is comprised of seven-day tax-exempt variable rates. The rate is currently .94% and has averaged just short of 2.2% over the past five years. Consequently, the bond financing is below current conventional mortgage rates to provide improved cash flow in comparison with conventional financing.

Forestwood, which was completed in 1986, consists of 27 two-story residential buildings and a single-story central, leasable clubhouse building. The complex is located on a 39-acre site with 755 parking spaces and is 97% occupied. Amenities include a pool, lighted racquetball and tennis courts, and lakeside jogging and bike trails. Units have decks or balconies, high-speed Internet connections and other upscale features. According to a Fort Meyers website, rent for a one-bedroom unit begins at $630 a month, and the rate for a two-bedroom, two-bath unit ranges from $718 to $795 a month.

Detroit-based Princeton Enterprises sold Georgian Bay to a joint venture between Des Moines-based BH Equities and Great Neck, NY-based Sterling American Properties for $13.2 million, or $52,800 a unit. The buyer intends to convert the complex into condominiums. It contains 250 garden units on a 78.5-acre site around a lake. There is a community clubhouse, fitness center, three pools, a tennis court and children's play area.

Georgian Bay complex is a little more than a mile from Bell Tower Shops, an upscale shopping center with a cinema, and in near proximity to Interstate 75 and Southwest Florida International Airport. Published rental rates range from $645 a month for a one-bedroom unit to $910 a month for a two-bedroom, two-bath unit.