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Praedium picks up Florida apartment property

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.

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