February 20, 2020 – JLL Capital Markets announced today that it has closed the $96 million sale of The Retreat at Vista Lake, a 640-unit, garden-style apartment community in the fast-growing Fort Myers, Florida, market.
JLL marketed the property exclusively on behalf of the seller, and procured the buyer, a US-based private partnership. At $96 million, the transaction was the second largest multi-housing sale in the Fort Myers MSA on record. In 2018, the same JLL team sold Carlton Arms of Bradenton for $110.5 million, the largest multi-housing sale ever completed in Southwest Florida.
The Retreat at Vista Lake was originally completed in 1990 and has undergone recent capital improvements. The property’s 32 two- and three-story value-add buildings are situated on 35.2 acres at 3701 Winkler Avenue. Units average 867 square feet across a variety of one- and two-bedroom floor plans and the property includes a total of 1,011 parking spaces. In addition to the tranquil lakeside setting, The Retreat at Vista Lake features two resort-style pools, a large fitness center building, a gazebo with grilling area, tennis courts, racquetball court, lakeside basketball court, dog park and business center.
The JLL Capital Markets team representing the seller included Senior Managing Director Matt Mitchell, Senior Directors Zach Nolan and Brett Moss, Associate Drew Jennewein and Analysts Jarrod Smith and Bailey Smith.