FORT MYERS, FL - JBM Institutional Multifamily Advisors has facilitated the sale of The Laurels located at 2346 Winkler Avenue in Fort Myers. The property totals 240 units, and was purchased for $34,800,000, or $145,000 per unit. Jamie May, Chairman & CEO of JBM Institutional Multifamily Advisors, stated the centrality of the property accompanied by the properties concrete block construction greatly increased demand for this core asset.
The Property is comprised of two-story apartment buildings situated on a 7.85 +/- acre site. The Laurels offers a variety of one, two, and three-bedroom units with an average unit size of 768 square feet. Interior amenities include washer and dryer connections in all but 3 units, fully equipped kitchens, and spacious walk-in closets.
Community amenities include a well-appointed clubhouse including a large lounge area and leasing offices, coffee bar with coffee station, business center with two computers and scanner/copier/printer, WiFi Hotspot in common areas, 24-hour fitness center with large TV, free weights, universal weight system, spin class inspired stationary bikes, and various pieces of aerobic equipment, resort-style swimming pool with expansive brick paver sundeck including cabana inspired seating, lounge chairs, tables with chairs and umbrellas, grilling areas, and reserved parking.
The property was constructed in 1972 and underwent a $2.26MM renovation starting in 2014. The renovation included a comprehensive clubhouse remodel, business center remodel with new computers and printer, fitness room equipment upgrades, exterior paint on all buildings, landscaping, asphalt repair and sealcoat, partial roof replacements, and unit interior enhancements to all units.
The property was purchased by the Post Road Group. Over the last two decades, Post Road Group has acquired over 15,000 apartment units and over 5 million square feet of commercial properties, representing over $6 billion of aggregate investment nationally. The JBM Institutional Multifamily Advisors team has listed and sold over 43,330 units within the Tampa Bay MSA, and over 157,000 units throughout Florida.