BONITA SPRINGS, FL - ECI Group announces the acquisition of Mosaic at Oak Creek Apartments, a 273-unit community with 7,354 square feet of retail in Bonita Springs, FL. The development was completed in 2020 by Mosaic Development. Financing for ECI was provided by CrossHarbor Capital Partners and arranged by Purvesh Gosalia, Vice Chairman of Newmark in Houston, TX.
"This property is a wonderful addition to ECI's portfolio and reflects our confidence in the strong growth inherent in the I-75 corridor and the Bonita Springs/Naples area specifically," said ECI Chief Acquisitions Officer, Scott Levitt. "ECI has been in the Florida market for 20 years and, with our self-managed approach, we look forward to rebranding this asset and completing the lease-up." The apartments at Mosaic at Oak Creek are 85% leased. ECI will be retaining a retail brokerage firm to assist with marketing of the retail space.
"It's always a pleasure working with the impressive team at ECI Group," said Newmark Vice Chairman, Purvesh Gosalia. "We have a decade-plus long-standing relationship. This acquisition will be a great addition to ECI Group's Southwest Florida portfolio."
Mosaic at Oak Creek Apartments is a highly walkable, gated community, providing residents with pedestrian access to downtown Bonita Springs. Bonita Beach is a short drive from the property and residents have quick access to US-41 (Tamiami Trail) and I-75. Community amenities include: On-Site Kayak Launch to Oak Creek leading to the Imperial River, Clubhouse with Game Tables, Wi-Fi Lounge, and Co-work Space, Pet Friendly with Bark Park & Grooming Spa, and Heated Resort- Style Swimming Pool with Sundeck.
Source: ECI Group