New York-based The Praedium Group has acquired Crest at
Bonita Springs, a newly constructed, 264-unit multifamily asset located in
Bonita Springs, Florida.
The property was sold by Atlanta-based PPD Holdings which
acquire the land in 2016 and then secure $29 million in construction financing
to build the property.
Delivered late 2020 , the property is surrounded by two
lakes and amenities include a resort-style pool, a clubhouse and fitness center
overlooking the main lake, dog park, sundeck, community grilling areas and
bocce ball court.
The property, which consists of six three-story garden style
buildings and one clubhouse, has 464 total parking spaces, including 32
detached garages and 432 standard spaces.
“Bonita Springs has benefited from growth in the Southwest
Florida submarkets. What used to be considered ‘snowbird’ cities have now
proven themselves to be year-round destinations that have attracted residents
because of the higher quality of life and lower cost of living,” said Chris
Hughes, principal and co-chief investment officer at The Praedium Group.
“We identified Bonita Springs as an appealing submarket that
benefits from a central location, easy accessibility, and a favorable
supply-demand dynamic.”
Lindsay Schuckman, vice president at Praedium, said the
property is situated between major employment hubs in the Naples and Fort Myers
markets. “The property’s strategic
location along I-75 provides drive-by visibility as well as easy access to
jobs. Major employers are within 15 minutes in both directions, including NCH
Healthcare System, Florida Gulf Coast University, and Arthrex.”
According to Praedium, economic development continues to
grow in Fort Myers and Naples, Bonita Springs has emerged as an attractive
residential neighborhood able to draft off growth from both the north and
south. This is demonstrated by the rapid lease-up, averaging about 35 leases
per month, with minimal to no concessions.
Crest at Bonita Springs sits just two miles north of
affluent Naples, providing residents an affordable rent level close to the
beach and high-end shopping, including Mercato in North Naples and Coconut
Pointe Mall in Estero, as well as walkability to local retail offerings. It is
also 15 minutes from the Barefoot Beach Reserve, a conservation area that
consists of 345 acres of white sand.
