FORT MYERS-La Playa Properties LLC has entered into an agreement with Captec Realty Capital to jointly develop a 343-unit luxury apartment home community called Bay Harbor Club at MacGregor in Fort Myers, FL.

Captec Realty Capital originally was involved in this project with another developer, Devlin Development. Then La Playa Properties bought out the original developer on just this project, according to Captec.

The project, which has been under construction for a while with some buildings complete, will feature one-, two- and three-bedroom units and include lake views. It is located on MacGregor Boulevard, a major highway in Lee County, less than one mile from the Caloosahatchee River.

An affiliate of Captec Financial Group Inc., Captec Realty Capital is serving as the developer’s capital partner by providing equity capital for new development and allowing the developer to focus on growing its business. Captec is a commercial finance and real estate company based in Ann Arbor, MI.

La Playa Properties of Santa Barbara, CA, is a multi-family developer formed in February. The firm focuses on developments and acquisitions in the southeastern and southwestern United States.

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