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ESG Kullen acquired 186 units out of 290 at Cobblestone on the Lake
Fort Myers, Fla. (Feb. 7, 2019) – Berkadia has arranged the sale of Cobblestone on the Lake, a 290-unit condominium community consisting of 186 rental units in Fort Myers, Florida. ESG Kullen, of New York, acquired the 186-units for $21.25 million, or $114,247 per unit. The deal gives the new owner complete control over the condominium association.
Senior Director Tal Frydman, Director Yoav Yuhjtman and Associate Director Nicholas Perrone of Berkadia’s South Florida office arranged the sale on behalf of ESG Kullen and the seller, Gestion Sebring LLC, a real estate investment firm based in Toronto, Canada. Having arranged 11 fractured condo deals consisting of almost 1,500 units and over $100 million in sales, the investment sales team begins 2019 with strong momentum carrying over from the previous year.
“The buyer obtained a well-located, desirable property with considerable upside potential in one of Florida’s fastest-growing metros,” said Frydman. “Our analysis shows that current in-place rents are well below comparable properties in the area.”
Built in 2009, Cobblestone on the Lake is located at 4301 Executive Circle and consists of 13 garden-style buildings with one-, two- and three-bedroom models ranging from 764 square feet apartments to four-story townhomes spanning 1,835 square feet with ground-level private garages. Of the 186 units acquired, 144 are “rent-ready” and 42 are in shell condition. The shell condition units will be renovated and brought back online, along with upgrades to the remaining units. Current in-place rents average $1,182 or $0.63 per square foot. Community amenities include a clubhouse, fitness center, game room and meeting room, heated pool and spa, and a jogging/walking path.
Cobblestone on the Lake is conveniently located near major employers and transit routes. Southwest Florida International Airport, which creates over 45,000 jobs, is 20 minutes away, as well as Florida Gulf Coast University. Interstate 75 is 10 minutes away, providing access to the rest of southwest Florida and South Florida, and US-41 is less than five minutes away, providing an alternative route throughout the region and to South Florida.