Cushman & Wakefield Arranges $49.7 Million Sale of Mosaic at the Forum Apartments in Fort Myers
Transaction Underscores Strong Investor Appetite for Southwest Florida Multifamily Properties
FORT MYERS, FL, November 9, 2018 — Cushman & Wakefield’s Florida Multifamily Group has negotiated the sale of Mosaic at the Forum, a 252-unit, newly constructed apartment community in Fort Myers, Florida. The property sold for $49.7 million or $197,321 per unit, marking Cushman & Wakefield’s second Class A apartment sale in Fort Myers this year.
Senior Director Brad Capas, Senior Director Luis Elorza and Vice Chairman Robert Given represented St. Petersburg, Florida-based Mosaic Development in the transaction. Mosaic Development has multifamily development ongoing throughout southwest Florida, Tampa and Orlando. The buyer is an entity led by InvestRes, a privately held real estate investment company with multifamily assets throughout Florida and several other states. InvestRes has a Florida headquarters in Tampa.
Completed in December 2017, Mosaic at the Forum, which was managed by Incore Residential, experienced a rapid lease-up and was approximately 95 percent occupied at the time of sale. The gated apartment community consists of 10 three-story buildings on a 13-acre site.
“Southwest Florida continues to attract a broad audience of multifamily buyers ranging from private investors to large institutions,” said Capas. “It is among the fastest-growing submarkets in the country with an impressive employment story, and investors are taking note. We are continuously contacted by investors who are specifically targeting Lee and Collier counties for multifamily investment.”
At 3100 Champion Ring Road, the property has direct frontage along Interstate 75, exposing it to an average of 86,000 cars per day. The average unit size is 908 square feet, and community amenities include a resident clubhouse, leasing center, expansive pool deck with fire pit, grills and gazebos, fully equipped fitness center, two dog parks, area wide Wi-Fi, a resident package delivery system, detached garages and storage closets.
Mosaic at the Forum represented the prototypical investment opportunity offering many of the qualities core investors seek including superior quality construction, a high-visibility location and convenient access to employment and shopping,” added Elorza. “The property’s rapid lease-up at competitive rents makes a strong statement for the continued strength of the Fort Myers rental apartment market.”
In February 2018, the Cushman & Wakefield team facilitated the sale of Spectra Apartments for $71.4 million or $220,000 per unit, representing the highest per unit apartment price in Lee County.
Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Capas, Elorza and Michael Mulkern in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; Julie Bohn in Jacksonville; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.