Churchill Forge Properties buys Palms of Monterrey

BUYER: CF Palms of Monterrey LLC, Newton, Mass.

SELLER: 15250 Sonoma Drive Fee Owner LLC

PROPERTY: 15250 Sonoma Drive, Fort Myers

PRICE: $39.28 million

PREVIOUS PRICE: $36.85 million, July 2004

LAW FIRM ON DEED: Jones Day, Dallas

PLANS, DESCRIPTION: Newton, Mass.-based Churchill Forge Properties purchased the 408-unit The Palms of Monterrey apartment community for $39.28 million.

The price equated to $96,275 per unit.

The three-story, 518,304-square-foot development was originally built in 2001. It features carports and parking garages, a clubhouse, pool, racquetball and tennis courts, and a playground. The real estate research firm CoStar Group reports the property has an average vacancy of 15%. Units average 1,270 square feet.

Calls to Churchill Forge Properties for comment were not returned prior to deadline. The more than 40-year-old company owns and manages more than 10,000 multi-family units.

The purchase entity CF Palms of Monterrey LLC mortgaged the property to CBRE Multifamily Capital Inc. for $29.63 million.