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Monday, 05 March 2018

Fort Myers, Fla., Apartments Sell for $71.4Mln

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Coastal Ridge Real Estate has paid $71.4 million, or $220,370/unit, for the 324-unit Spectra Apartments in Fort Myers, Fla.

The Los Angeles investment manager bought the recently built property, at 5500 Spectra Circle, from its developer, Stock Development of Naples, Fla., in a deal brokered by Cushman & Wakefield's Florida multifamily group.

Coastal Ridge was formed by the principals of Peak Property Partners, a Columbus, Ohio, specialist in apartment properties, and Manhattan Partners, a Los Angeles private-equity firm. It has $1.4 billion of assets under management, comprised of student-housing properties with 14,300 units and 3,300 rental apartment units.

The Spectra property, which was completed last July, is near Interstate 75 and just off Tamiami Trail, or U.S. Route 41. It includes a 6,000-square-foot clubhouse with fitness center that features weight-training equipment, cardio stations and a yoga studio. It also has a six-acre park with nature trails, a dog park, playground, swimming pool, sun deck with cabanas, an entertainment lounge, grilling station and a tennis court.

Units have up to three bedrooms and 1,307 square feet, with an average of 993 sf, nine-foot ceilings, walk-in closets, patios or balconies and exterior storage closets. Their kitchens include islands, stainless-steel appliances, granite countertops and shaker-style cabinetry. Units with two or three bedrooms include full-sized washers and dryers, while those with one bedroom have stackable units.

Comments? E-mail Orest Mandzy, or call him at (267) 327-4281.


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Fort Myers
  • States: Florida
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $50 million and $100 million
  • Private: No
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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