Updated Jul 16, 2026
The Embassy Group Acquires Multifamily Asset From Andy Lallathin & Patrick McBride For $67M
5500 Spectra Circle
$67,000,000
Units
324
Asset Type
MultiFamily
Closing
Jul 15, 2026
About this deal
AI
This multifamily property, situated at 5500 Spectra Circle in Fort Myers, FL, encompasses 35 acres and features 324 units. The sale was finalized for a total price of $67,000,000, with a price per unit of $206,790.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $67,000,000
- Units: 324
- Price per Unit: $206,790
- Buyer: The Embassy Group
- Seller: Andy Lallathin & Patrick McBride - Coastal Ridge Real Estate
- Date of Sale: 07/15/2026
- Market: Fort Myers, FL
- Acres: 35
The transaction involved key figures including Andy Lallathin and Patrick McBride representing Coastal Ridge Real Estate as the sellers. The buyer in this deal is The Embassy Group, playing a pivotal role in the completion of this transaction.
Players
Circle MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93