Updated Oct 29, 2024
ECI Group Acquires Waterline Estero Multifamily From Passco Longitude DST For $78M
11221 Everblades Parkway Estero, FL 33928, USA
$78,000,000
Units
260
Asset Type
MultiFamily
Closing
Jul 30, 2023
About this deal
AI
The Longitude 81 Apartments in Estero, now known as Waterline Estero, have been sold to ECI Group for a total of $78 million. The multifamily property comprises 260 units and spans across 17.95 acres. The transaction took place at 11221 Everblades Parkway in Estero, a prominent market in the area.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $78,000,000
- Address: 11221 Everblades Parkway, Estero
- Market: Estero
- Acreage: 17.95
ECI Group, represented by Seth Greenberg, acquired the Waterline Estero from Passco Longitude DST. The seller, Passco Longitude DST, previously purchased the property for $54.9 million in 2017, according to Lee County property records. This transaction marks a significant investment in the Estero market and showcases the confidence and growth potential in the multifamily asset class.
On the Map
$78,000,000
MultiFamily
View full map
Players
Miami MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Deal FAQ
Visit Seth Greenberg to view all their deals.
Browse Miami multifamily sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93