A joint-venture partnership between Cleveland-based Forest City Enterprises and Goldberg Cos., which is based in Beachwood, OH, sold Colony Place for $104,333 a unit to BF Group. The new owner plans to convert the rental units to for-sale condos. The Forest City/Goldeberg JV defeased an existing loan and transferred the property free and clear of debt. The garden-style complex was built in 1991 and contains 17 two-story buildings.
Located on an 18-acre site, the asset contains two private lakes, a clubhouse, fitness center, two pools, two tennis courts, a barbecue-equipped picnic area, 374 surface parking spaces and a 97-car garage. It is within easy access of the Fort Myers airport and the Bell Tower Shops, an upscale retail center. The class B-plus property is 94% occupied and rental rates range from the mid-$700s a month to just over $1,000 a month for a three-bedroom unit. For-sale unit prices are not yet established.
Jamie May, chairman and CEO, and Eric Ammon and Carlos Berner, senior directors of JBM Realty Advisors, were exclusive investment advisors and brokers in marketing the property and negotiating the sales transaction.
The JBM team also was exclusive broker of the Palm Vista sale, which was also transferred debt-free. Landmark Residential sold the class C complex for $48,529 a unit to Brown Management. The 12-building property was completed in 1974 and partially renovated in 2003. Units average 888 sf and have screened patios and balconies. The site includes a pool, two central courtyards with picnic areas, a fitness center, clubhouse and surface parking for 196 vehicles. It is currently 93% occupied.
The firm also brokered the sale of a 432-unit apartment community in Sarasota, Camden at Palmer Ranch Apartments, for $41.4 million. Resource Investment Limited sold the property to BF Group for $96,000 per unit. In addition, the team brokered the sale of the Grand Rivage Apartments in Brandon for $37 million. A joint venture of Gannon Intl and MMA sold the property to the Naples Realty Group for $94,872 per unit.
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