Pacifica Properties buys, renovating Edisto Lake

BUYER: Pacifica Edisto Lake LLC (principals: Deepak and Ashok Israni), San Diego, Calif.

SELLER: Edisto Group Ltd.

PROPERTY: 15251 Pine Ridge Road (better known as 10770 Clear Lake Loop), Fort Myers

PRICE: $7 million

PREVIOUS PRICE: $1 million, March 1995

LAW FIRM ON DEED: Broad and Cassel, Orlando

PLANS, DESCRIPTION: San Diego, Calif.-based Pacifica Properties purchased the 376-unit Edisto Lake Apartments for $7 million.

The price equated to $18,617 per unit.

A spokesman for the Pacifica Cos., the parent company of Pacifica Properties, says the community requires a significant infusion of new capital. The company has set aside $5 million to invest in it. Those improvements are expected to include a new roof and landscaping.

The new owner will continue to rent the community with 60% at market rents and the remainder designated for affordable housing.

The 15-year-old apartment complex surrounds a large lake, which occupies most of the 89.45-acre property.