FORT MYERS, FL-Fort Lauderdale-based Tarragon South Development Corp. bought Promenade at Reflection Lakes, a 360-unit residential complex at 7861 Reflection Cove Dr., for $64 million, or $177,778 a unit, with plans for condo conversion. This marks the company's second footprint here following its ground-up development of 131-unit Alta Mar, which is sold out, a Tarragon spokesman tells GlobeSt.com.

The seller is Palm Beach Gardens-based Ram Development Co., which has more than 1,000 condo units under development and operates a 4,200-unit rental portfolio in Florida. Kevin Judd, SVP, and Richard Donnellan, principal in the Boca Raton office of Apartment Realty Advisors, marketed the property for Ram and were the sole brokers in the transaction.

The complex, located on nearly 33 acres less than a mile from the Tamiami Trail, was built in 2002. "Fort Myers is one of the most up and coming coastal markets in Florida," Judd says, "and this is one of the area's highest quality apartment properties." It is fully leased. There are nine different sizes of units ranging from 790 sf to 1,365 sf. Current rental rates begin a $821 a month and reach to $1,227 a month.

Tarragon South, which also has a headquarters in Orlando, is an affiliate of New York City-based Tarragon Corp., and is among Florida's most prolific condo converters and developers. It entered the Sarasota condo conversion market in September 2005 with its acquisition of Whispering Oaks at Palm Aire, a 248-unit complex, for $35 million.