NAPLES, Fla., June 28, 2023 /PRNewswire/ — JBM® Institutional Multifamily Advisors is pleased to announce the sale of Longitude 81 apartments located in Estero, Florida. This 260-unit, core-plus property was built in 2016 and sits on 17.95 acres +/- offering a low-density site plan of just 14.48 units per acre. JBM® exclusively listed the deal for Passco Companies, LLC and sold the asset in June 2023 to ECI Group.
The community will be re-branded as Waterline Estero.
“I want to congratulate both the buyer and seller on a successful transaction. Getting deals closed in the current environment can be trying for some, but it was a pleasure to broker this deal on behalf of two first class groups on each side. This marks the 2nd time JBM® has sold this asset which goes to showcase our tremendous success across the Estero/Naples/Fort Myers landscape and Southwest Florida as a whole. I also want to give a special shoutout to Passco, with whom JBM® has completed over $449MM in transaction volume and with more to come,” said JBM® Chairman & CEO, Jamie May.
About the Property
In addition to the tremendous physical plant, Market Rents were $395 below rent comparables. 44 upgraded units showcased the tremendous value-add potential – achieving a $129 premium over units with standard finishes. Notable amenities include: a resort-style pool, 24-hour fitness center, covered outdoor lounge area with TVs and fireplace, poolside grilling stations, car care center, valet trash, fenced-in dog park, and package lockers. Detached garages and carports are also available for rent. Each unit also has its own private, ground floor entry.
Longitude 81 is located in the affluent area of Estero, Florida and is just 1.5 miles from Florida Gulf Coast University, a 12-minute drive to the Southwest Florida International Airport, and is located directly adjacent to Hertz Arena and the Shoppes at University Highlands. A brand new, 21K square foot Lee Health outpatient facility is also located adjacent to the Property.
JBM® is the #1 ranked boutique brokerage firm in the U.S.A. and has dominated the Southwest Florida market for the last 20+ years with a greater than 70% market share. Despite only transacting in Florida, for the second consecutive year Green Street ranks JBM® #1 for Highest Average Sold Price in the U.S.A. and the #13 multifamily broker by total sales volume. JBM® has a lifetime transactions volume over $18.7 billion and 168,000 units.
SOURCE JBM Institutional Multifamily Advisors
Jamie May and his team at JBM® Institutional Multifamily Advisors focus exclusively on multifamily asset disposition services, equity placement, capitalization, and recapitalization of new merchant developments, value-add properties, and existing opportunities of large apartment type portfolios and singular assets for domestic and foreign institutional, private national, and regional clientele.