Churchill Forge Partners buys Park Crest at the Lakes

BUYER: CF Park Crest Associates LLC (principal: David Frieze), Newton, Mass.

SELLER: NRI CKT Fort Myers I LLC

PROPERTY: 13621 Parkcrest Blvd., Fort Myers

PRICE: $26.61 million

PREVIOUS PRICE: $1.98 million, October 1999

TITLE FIRM ON DEED: Lawyers/Commonwealth Land Title, Maitland

PLANS, DESCRIPTION: Newton, Mass.-based Churchill Forge Partners purchased the 360-unit Park Crest at the Lakes apartment complex for $26.61 million.

The price equated to $73,906 per unit.

Built in 2001, the 363,520-square-foot, three-story apartment development has an average vacancy rate of 7%, according to real estate research firm the CoStar Group. Units average 1,016 square feet. The 36-acre complex features a clubhouse and pool.

Calls for comment to Churchill Forge Partners were not returned prior to deadline.

Churchill Forge Partners owns or manages more than 10,000 residential units, principally in Massachusetts, New Hampshire, North Carolina, South Carolina and Texas.