Apartment deals took a hit throughout Florida this past summer, as COVID-19 fueled uncertainty and caused financing to pull back on commitments.
But since the start of October, multifamily rental transactions throughout Central and Southwest Florida have roared back — so much so that deal volume could eclipse the final three months of 2019.
Since Oct. 1, more than 3,000 apartment units have traded hands throughout the Gulf Coast, an analysis of transactions shows, with more than $400 million being invested.
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In Southwest Florida, for instance, GMF Capital earlier this month bought the 200-unit Wild Pines of Naples complex, for $25.4 million, and Pedcor Homes Corp. acquired the 188-unit Naples 701 community, also in Naples, for $24 million.
“The buyer recognized that the dynamic location and the lack of workforce housing in the area will keep the property producing excellent returns for years to come,” says Darron Kattan, managing director of multifamily investment sales for Tampa-based commercial real estate brokerage firm Franklin Street, whose team sold Wild Pines.
