Search
 

Colony Place Apartments Sells for $20.6M

MIAMI-A joint venture between Forest City Enterprises and the Goldberg Cos., both of Ohio, has paid $68,666 per unit cash to Equity Residential for the 300-unit, three-story, 17-building apartment complex in Fort Myers, FL.

By Melissa Bogdany | Updated on April 11, 2003

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.