Colony Place Apartments Sells for $20.6M

MIAMI-A joint venture between Forest City Enterprises and the Goldberg Cos., both of Ohio, has purchased Colony Place Apartments in Fort Myers, FL for $20.6 million, or $68,666 per unit. The seller of the 300-unit garden-style apartment community was Equity Residential.

The partnership paid all cash for the B+ grade property, located at 13501 Eagle Ridge Drive, and transaction took less than 30 days. The property sold at a 7.7% capitalization rate without reserves and a 6.9% cap rate with reserves. At the time of the closing, the property was 96% occupied.

The property features 90 one-bedroom/one-bath units each 831 sf, 126 two-bedroom/two-bath units each 1,165 sf, and 84 three-bedroom/two-bath units each 1,369 sf.