May 5, 2017
Irvine, CA-based Passco Companies acquired Springs at Estero, an institutional grade, 260-unit multifamily community in Southwest Florida from Continental Properties for $53.5 million. The Class A property is located at 11221 Everblades Pkwy. in Estero, FL, a submarket of Fort Myers-Cape Coral.
Passco’s Colin Gillis says, “The acquisition of Springs at Estero, which we plan to rebrand as Longitude 81o, is reflective of our ongoing strategy to acquire core assets with long-term growth potential in dynamic markets across the Southeast.”
It is Passco’s first acquisition in Southwest Florida. Constructed in 2016, Springs at Estero features well designed interiors and a top amenity package, including a resort-style swimming pool with an expansive sun deck, and a community clubhouse.
JBM Institutional Multifamily Advisors’ James B. May represented the seller. KeyBank Real Estate Capital’s Chris Black arranged acquisition financing for Passco through Fannie Mae.
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