With the area seeing rising rents and compressing vacancies over the last year, Naples-based TerraCap Management announced it seized the opportunity to grab a property it observed being built in 2016 with the $94 million purchase of Estero Oaks, a 280-unit apartment complex on the northwest corner of Estero and Three Oaks Parkways.
The seller, Fort Lauderdale-based Royal Palms Cos., bought 18.14 acres in the mixed-used community for $3.4 million in 2015. Jamie May of JBM, which specializes in multifamily sales, represented Royal Palms Cos. and said the $94 million deal closed Monday.
“This property has much to offer residents from a quality, amenity and location perspective,” said Steve Good, TerraCap partner and director of acquisitions. “We feel that Estero and Southwest Florida will continue to grow both in the long and short-term, and we also feel that this property is well positioned to capture future growth.”
With an average unit size of more than 1,100 square feet, the property, which will be managed by Greystar, offers one-, two- and three-bedroom floorplans with wood-style plank flooring, stainless steel appliances, granite countertops, 9-foot ceilings and a washer and dryer. Amenities include a resort-style swimming pool, fitness center, dog park, lake, jogging trail, attached garages, resident lounge with a kitchen and coffee station and package lockers. Rents range from $1,550 for a one-bedroom, one-bath unit to $2,375 for a three-bedroom, two-bath unit.