Miami

The Mayo Clinic is partnering with Singapore-based Pontiac Land on the $190-million project that will also include hotel space.

The multi-family property consists of 24 two-story buildings with 20 one-bedroom, 152 two-bedroom and 20 three-bedroom units.

So far this year, Columbus, OH-based Coastal Ridge's multi-family acquisition volume in Fort Myers totals almost $200 million.

The sale consists of a contractual sales price of $185 million and the release of $3.5 million in member deposits. The total consideration represents approximately $521,000 per key, RLJ Lodging reports.

North Ranch Gateway was originally built in 1989 and recently underwent significant renovations, according to the Sterling Organization. The property was purchased on behalf of Sterling Organization's recently launched institutional fund, Sterling Value Add Partners III, LP.

The deal for the 96-room hotel calculated out to approximately $217,000 per room and increases Chatham's presence in this suburb of Charleston.