March 5, 2018
Coastal Ridge Real Estate and H. Katz Capital acquired Spectra, a 324-unit multifamily community in Fort Myers, FL, from Stock Development for $71 million. The Class A asset is located on 32.5 acres at 5500 Spectra Circle.
Coastal Ridge Real Estate’s Patrick McBride says, “Spectra provided a tremendous opportunity to acquire the premier multi-family community in Southwest Florida. The property is located just minutes from the region’s leading employers as well as a major medical hub and abundant retail.”
Walker & Dunlop’s Mark Grace and Will Baker represented the buyer with their acquisition debt execution, securing a loan from Freddie Mac. Cushman & Wakefield’s Robert Given, Zachary Sackley, Brad Capas and Luis Elorza represented the seller.
Built in 2017, Spectra is the 20th JV acquisition between Coastal Ridge and H. Katz Capital. The acquisition follows the purchase of Campus Lodge, a 360-unit, 1,115-bed student housing community in Gainesville, FL.
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Tags: Apartments & Multifamily, Sale
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