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MIAMI—Springs at Estero, an institutional grade, class A, 260-unit multifamily community in Southwest Florida, has traded hands. Passco Companies acquired the multifamily asset for $53.5 million.

The brand new, stabilized multifamily property is in the submarket of Estero within the Fort Myers/Cape Coral MSA. According to Passco’s research, the Southwest MSA has added more than 55,000 jobs in the last two years, and its population grew by more than 22,000 people from 2015 to 2016. The Southwest MSA is also consistently ranked as one of the fastest growing regions in the US with an unemployment rate hovering around 4.7%.

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Jennifer LeClaire

GlobeSt

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