CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged financing for Gulfstream Isles, a 936-unit apartment community in Fort Myers, Florida.
HFF marketed the property on behalf of Waterton. Starwood Capital Group purchased the asset free and clear of existing debt. Additionally, HFF worked on behalf of the new owner to place a 10-year, floating-rate loan with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
Gulfstream Isles occupies a 39.3-acre site at 1601 Red Cedar Drive approximately five miles south of downtown Fort Myers’ historic district. In addition, the property is less than one mile south of a Publix-anchored retail center and three miles north of the Bell Tower Shops, an upscale shopping and dining destination featuring tenants such as Saks Fifth Avenue, Bistro 41, World of Beer and Regal Cinemas. Completed in three phases, the 95-percent-leased property has 42 residential buildings, which house one-, two- and three-bedroom units averaging 949 square feet. Community amenities include four swimming pools, three tennis courts, three grilling areas, two dog parks, children’s playground, clubhouse, state-of-the-art fitness center, media room, business center, cyber café and coffee lounge.
The HFF investment sales team representing the seller was led by executive managing director Matthew Lawton and senior managing director Matt Mitchell.
HFF’s debt placement team representing the buyer was led by managing director Elliott Throne.
About Waterton
Waterton is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995, Waterton executes value-add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. Waterton has expertise in selecting and managing attractive risk-adjusted real estate investments located in major markets around the United States. Since its formation, the company has invested more than $5.3 billion in assets. Waterton is privately held by its co-founders and headquartered in Chicago with regional offices throughout the United States. Currently, Waterton’s portfolio includes over $4 billion in assets, including approximately 20,000 multifamily units and 13 hotels. Visit Waterton’s new website: www.waterton.com.
About Starwood Capital Group
Starwood Capital Group is a private alternative investment firm with a core focus on global real estate, energy infrastructure and oil and gas. The firm and its affiliates maintain 10 offices in four countries around the world, and currently have more than 2,200 employees. Starwood Capital Group has raised $34 billion of equity capital since its inception in 1991, and currently manages more than $51 billion in assets. The firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk-reward dynamics to be evolving. Over the past 25 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises around real estate, energy infrastructure and oil and gas portfolios, in both the private and public markets. Additional information can be found at starwoodcapital.com.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.