640 Unit Apartment Complex sold for 96 Million in Ft Myers

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Services for Real Estate Pros

The Retreat at Vista Lake is a 640-unit property built in 1990 and located in Fort Myers, FL.

The Retreat at Vista Lake was acquired by TruAmerica~ SIENNA VISTA FEE OWNER LLC during the 3Q of 2017 for $66,000,000. Prior ownership completed renovations to the common area amenities and building exteriors, leaving minimal deferred maintenance to be completed by TruAmerica. However, a majority of the apartment homes remained in "classic condition", providing an opportunity to renovate the interiors to a more modern finish and achieve strong rent premiums. Once this was achieved, the property was re-traded to DASAG-MOSAIC RETREAT VISTA LAKE, LLC for $96,000,000 in February 2020 according to the Lee County Clerk of Court records. PFP Holding Company VI LLC provided a $75,000,000 mortgage to the buyers.

 


 
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