FORT MYERS, FL - JBM Institutional Multifamily Advisors has facilitated the sale of Iona Lakes, totaling 350 units. The property sold for a purchase price of $53,000,000, or $151,429 per unit.
Jamie May, Chairman & CEO of JBM Institutional Multifamily Advisors, stated, "The property’s southwest Fort Myers location, strong fundamentals, and value add potential attracted a plethora of buyers to this value-add asset."
Iona Lakes was completed in 1986 and offers a diverse unit mix of one, two, and three-bedroom units with an average unit size of 811 square feet. There is a total of 50, two-story residential buildings, one clubhouse, and one laundry building, most of which are situated around two large lakes, providing a parklike setting.
The amenity package includes a 24-hour laundry facility, clubhouse with WiFi and a billiards room, fitness center with cardio and weight equipment, grill area, mini golf, pet park, swimming pool and spa and a lakeside trellis.
The property was purchased by Cardone Capital, who owns 2,543 units throughout Florida. The JBM Institutional Multifamily Advisors team has listed and sold over 77,624 units within Southwest Florida, and over 157,000 units throughout Florida.