Related is providing $9.6 million of equity investment for the tax credits generated by the apartment venture. PW Funding, a Related affiliate, is supplying $10.5 million in development financing. The project is expected to be completed by summer 2003.
The 20-acre site is at 10101 Immokalee Road (State Road 82) in northeastern Fort Myers. One bedroom to three-bedroom units will have 770 sf to 1,200 sf of living area. All of the units will be rented to households earning 60% or less of the area's median income. Rents will be $225 to $670 per month.
In a prepared statement, Patrick Martin, Related's executive vice president, calls his company's participation in the venture "an outstanding investment." Fort Myers' overall vacancy rate in affordable housing is 2.6%, Martin says.
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