ECI Group has acquired Longitude 81 Apartments, a 260-unit luxury multifamily community in Estero, Fla., from PASSCO Real Estate. The property will be rebranded as Waterline Estero.
The asset previously traded in 2017 for $55 million, according to Yardi Matrix data. PASSCO financed the purchase with a $34.8 million Fannie Mae loan from KeyBank.
Completed in 2016, the community encompasses 11 two-story buildings on an 18-acre site. The one-, two-, and three-bedroom floorplans range from 525 to 1,430 square feet. Features include walk-in closets, in-unit washers and dryers and ceiling fans, along with granite countertops and stainless-steel appliances in select layouts. Common-area amenities encompass a swimming pool, 24-hour fitness center, clubhouse and car wash area.
Located at 11221 Everblades Parkway, the 18-acre property is off Interstate 75, roughly 20 miles south of Fort Myers and less than 8 miles from the Southwest Florida International Airport. It is adjacent to the Hertz Arena, as well as to the Grandezza country club. There are numerous retail and dining options within walking distance.
The asset is ECI Group’s third property in Lee County. Chief Acquisition Officer Scott Levitt stated in prepared remarks that the capital invested in this acquisition was obtained through the recent sale of The Columns at Paxton, a 296-unit community in the Atlanta Area that ECI has owned since developing it in 1996. Levitt also mentioned Waterline Estero’s value-add potential, and that the firm is considering implementing a renovation-upgrade program.
