The Centro, a 264-unit luxury apartment complex built off Alico Road and Interstate 75, sold for $54.76 million, the recorded deed shows.
Continental Properties, based in Menomonee Falls, Wisconsin, purchased the complex from Geis Companies, which developed the property under the CGGC Alico LLC name.
Jamie May, of JBM, brokered the deal of the complex at 16909 Vintage Commerce Blvd.
“This was JBM’s first transaction with Geis Companies, and we look forward to many more in the future,” May said. “The bid process yielded 27 offers on the same day, with Continental Properties the ultimate victor. JBM and Continental have a longstanding history together with more than $316 million in volume on both the buy and sell side.”
The apartments opened in 2023 and sit on 14.15 acres.
“We’re excited to expand our presence in Fort Myers,” Dan Sell, vice president of acquisitions for Continental Properties, said in a news release. “As the third acquisition and fourth investment for our Opportunities Fund, this property exemplifies our commitment to investing in high-quality, strategically located communities that offer long-term growth potential.”
Continental Properties also recently bought Sixteen30 in Plainfield, Illinois, and Forge at Briargate in Colorado Springs, Colorado.
Continental Properties developed Springs at Cape Coral, a 292-unit complex at 2800 Yellow Creek Loop, and Springs at Coral Shores, a 304-unit complex near completion at 2830 Ceitus Parkway in Cape Coral.
Springs at Daniels Parkway, Springs at Six Miles, Springs at Gulf Coast and Springs at Hammock Cove in Naples also fall under the Continental Properties ownership group.
The Centro has resort-style amenities, including a two-story fitness center with a sauna, yoga room and children’s playroom, a clubhouse with a movie theater, a pool, putting green and dog park.
“We are thrilled to add The Centro to our portfolio,” Heather Riggs, senior vice president of multifamily operations, said in a news release. “This acquisition aligns with our commitment to providing exceptional living spaces in vibrant communities.”
