JBM completes $265 million sale of 3 Fort Myers communities

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Ameer Basheer at Unsplash.com

JBM Institutional Multi-Family Advisors completed the sale of three communities, totaling 775 units in Fort Myers, Florida. The PNR group, Garret Cos. and Royal Palm Co. swapped the properties, in separate transactions, for a total of $265 million.

NRP Group has sold Las Palmas, a 300-unit garden-style community to PassiveInvesting.comfor $109 million. Benefit Street Partners financed the acquisition with an $82 million loan, according to public records. NRP Group completed the development in 2021, with a $38.5 million construction loan from Synovus Bank in 2019, Yardi Matrix shows.

Sprawling over 23.8 acres, Las Palmas includes 12 buildings and a mix of one-, two-, and three-bedroom apartments, ranging from 650 to 1,678 square feet. Common facilities include a fitness center, two swimming pools, a volleyball court, and home office space.

Located at 11900 Marquina Blvd., the community is less than 3 miles from the Gulf Coast Town Center Mall, Target, and Costco Wholesale. Three Oaks Park and various green spaces are within 4 miles of the property.

The Florida Southwest Coast Market

As part of the transactions, JBM also completed the sale of Drift at the Forum, another 195-unit luxury community in Fort Myers, Florida, sold by Garret Cos. for $62.5 million, according to Yardi Matrix data. TerraCap Management LLC paid $89.7 million for the third property, the 280-unit Estero Oaks, at Royal Palm Cos., the same data provider said.

With strong market fundamentals, Florida’s southwest coast posted 33.6 year-over-year rental growth in January. Projects under construction and planned in Fort Myers represent nearly 10% of the total inventory and will add approximately 3,000 units to the existing inventory.

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