FORT MYERS, FL (June 9, 2021) — Franklin Street is pleased to welcome Thee Boardwalk, a 338-unit, garden-style apartment community in Fort Myers, Florida, to its portfolio of managed multifamily properties.
ZMR Capital awarded the property management assignment to Franklin Street upon acquiring the asset in June 2021. The Orlando-based owner is a real estate investment firm focused on the acquisition and redevelopment of value-add multifamily assets in primary, secondary and emerging markets across the United States. Franklin Street will be working closely with ZMR Capital to implement a capital improvement plan at the property, involving extensive interior and exterior renovations and upgrades.
Franklin Street’s Teryl Tarver will serve as Regional Property Manager for Thee Boardwalk. In addition to property management, Franklin Street is also providing insurance services to the new owner.
“We are excited to be working with ZMR Capital to realize the full potential of this property,” said Tarver. “Between our proven success in property management and the significant renovations in store, we’re confident this partnership will result in long-term growth and success for Thee Boardwalk.”
“Fort Myers is prime for continued growth and rental demand as more people move to Florida’s Gulf Coast,” said Zamir Kazi, CEO of ZMR Capital. “With below market rental rates currently in place, this property has significant value-add potential as we invest into upgrades that will make it more competitive and allow us to grow rents that match the surrounding market.”
At 4637 Deleon Street, Thee Boardwalk is situated centrally in Fort Myers, with convenient access to U.S. 41 and other transportation hubs, as well as downtown Fort Myers, award-winning Gulf Coast beaches and numerous shopping centers.
Clint Miller, Franklin Street’s VP of Operations for Multifamily Management, said, “We look forward to growing with the ZMR Capital team as they expand in Florida. We feel our owner focused operations mentality as well as customer service priority will help ensure they realize their goals and investor returns.”
Onsite amenities include two swimming pools, laundry facilities, a fitness center, playground, business center and outdoor picnic and grilling areas. Units range from studios to three-bedroom, two-bathroom apartments.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com.