Pablo Diego, Kurt R. Alexander & Ana Krohn Acquire 31.9 Acres In Fort Myers For $19.96M
$19,960,000
Building Size
—
Asset Type
Development Site
Closing
Jan 17, 2025
AI
A development site of 31.9 acres located at Winkler Road & Gladiolus Drive in Fort Myers has been acquired for $19,960,000. This transaction marks a significant investment aimed at developing 386 luxury apartments along with 7 acres dedicated to commercial outparcels. This site was sold for the first time in over 30 years.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $19,960,000
- Buyer: Pablo Diego, Kurt R. Alexander & Ana Krohn - The Residential Group
- Brokers: Alex Henderson & Max Molloy - LSI Companies
- Market: Fort Myers
- Acreage: 31.9
The deal involved key representatives, with Alex Henderson and Max Molloy acting as brokers from LSI Companies for the transaction. The Residential Group's acquisition is poised to bring a new residential and commercial development to the Fort Myers area.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93