ZMR Capital Expands Florida Portfolio and Enters Fort Myers

ZMR Capital is growing its exposure to the Florida market and breaking new ground. The apartment investor has acquired Park Place Apartments, a 388-unit apartment complex in Fort Myers, for $44.5 million. The purchase market ZMR’s entry into the Fort Myers market and the firm’s seventh purchase in Florida.

ZMR plans to spend $250 million in Florida over the next two to three years, and Fort Myers fits in perfectly with the firm’s investment strategy. The city is ranked among the top three population growth markets in the state. The property itself also has significant upside. More than half of the units have not been updated, and ZMR plans to execute a value-add plan with a multi-million-dollar budget for capital improvements, including adding in-unit washer/dryers, kitchen remodels with stainless steel appliances and new plank flooring as well as exterior upgrades.