Developed by Naples, FL-based Stock Development, the offering presents a prospective investor the opportunity to acquire one of the newest and highest-quality apartment communities in Southwest Florida.
Spectra Apartments was completed in July 2017 and comprises 324 apartments in 12, three-story apartment buildings. The property provides a unique combination of construction and design features that will be very appealing to the investment community, offering concrete block construction; 9’ 4” ceiling heights; oversized units; condo-quality unit interiors; and a comprehensive community amenities package. The average unit size is approximately 993 square feet.
“Stock Development has a proven track record of developing high-end single-family homes and Spectra marks their first multifamily asset. Their focus on delivering top quality product is evident throughout the property, from the market-leading amenities to the attention to detail within the units,” said Sackley.
Stock Development’s efforts at Spectra Apartments were recently recognized by the Collier Building Industry Association (CBIA) with the 2017 Sand Dollar Award for Interior Design of the Year – Best Clubhouse or Showroom. Stock Development earned 11 total Sand Dollar Awards at the annual awards gala.
“We are very proud of Spectra Apartments, which we feel are natural extension of our long-standing reputation as one of America’s top luxury home builders,” said Keith Gelder, Vice President of Stock Development. “This project has been an exciting experience for all of us at Stock Development and we look forward to marketing this high-quality asset with Cushman & Wakefield.”
Spectra Apartments is situated on a 32.5-acre site at 5500 Spectra Circle, just minutes from Interstate 75. This location provides excellent drive-by visibility along Tamiami Trail (US–41) with an average traffic volume of ±59,000 vehicles per day. The property has exceptional access to numerous major employers headquartered in the region, including Gartner, Hertz, Chico’s FAS and Arthrex, as well as Florida Gulf Coast University, which has grown dramatically in recent years fueled by Southwest Florida’s impressive population growth.
“Southwest Florida continues to be a strong employment market. Lee Memorial recently completed a new $200 million, 160-bed children’s hospital and announced a $306 million expansion of the Gulf Point Medical Center. Combined with Gartner’s planned addition of 1,100 local employees, there is sure to be continued demand for luxury apartments in Southwest Florida,” said Given.
“Southwest Florida has become increasingly popular among multifamily investors during the current economic cycle, many of whom are shifting their focus from more expensive Florida markets,” added Given.
Cushman & Wakefield’s Florida Multifamily Team is directed by Given and includes Elorza and Capas leading West Florida; Jay Ballard and Ken Delvillar leading Central Florida; Director Julie Bohn in Jacksonville; and Sackley, Victor, Calum Weaver, Troy Ballard and Errol Blumer in South Florida. Robert Kaplan, Christopher Lentz and Mark Rutherford handle debt, equity and structured finance for the team out of Cushman & Wakefield’s Miami Office.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.