Channelside apartments- Fort Myers sold for $55MM ($170k per door)

Channelside Apartments LLC 
11100 and 15031 Gladilous Drive
Fort Myers, FL
325 Units
Purchase price: $55,000,000
Per door price: Approximately $170,000

The raw land price for this site, which was owned-developed by Mcgregor 325 LLC was $4,500,000.
The approximate price for the construction of the rental community was $26,000,000. The general contrat/builder was Brooks & Freund.

This acquisition, completed in April 2016,  certainly gives a good idea of the market in Fort Myers, and demand for rental units. 

Information sources: Lee County Clerk of Court, Lee County Property Appraiser. 
Research completed by: Paige Rausch
Email Contact information for further detail on this or other market activity: paigerausch@earthlink.net