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ECI Group Acquires Waterline Estero Multifamily From Passco Longitude DST For $78M

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SOLD
$78,000,000

Florida

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MultiFamily
Sold 07/30/2023
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SOLD

ECI Group Acquires Waterline Estero Multifamily From Passco Longitude DST For $78M

11221 Everblades Parkway Estero, FL 33928, USA

See Similar Deals
MultiFamily
Sold 07/30/2023
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

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.

Players

SG
Seth Greenberg
3 deals$716.5M volume
BUYER
D
DST
SELLER

Details

SOLD
IMAGE: Seth Greenberg DATE: 07/30/2023 ADDRESS: 11221 Everblades Parkway MARKET: Estero ASSET TYPE: Multifamily ~ ACRES: 17.95 BUYER: ECI Group - Seth Greenberg SELLER: Passco Longitude DST SALE PRICE: $78,000,000 UNITS: 260 ~ PPU: $300,000 NOTE: ECI Group acquired the Longitude 81 Apartments in Estero, now called Waterline Estero, for $78 million. The 260-unit complex sits on 17.95 acres and was purchased from Passco Longitude DST, which bought it for $54.9 million in 2017, according to Lee County property records.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$4,159,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$277,117.53
Cash-on-Cash Return-1.27%
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