Canada's Symcor Capital Partners buys Fountains at North Port

BUYER: Lakes at North Port Realty LP (Avery Palevsky and Gerard Abitbol), Orlando
SELLER: Riley Chase Apartments LLC
PROPERTY: 1015 Ohana Way (formerly known as Panacea Boulevard.), North Port
PRICE: $19.73 million
PREVIOUS PRICE: $8.2 million, January 2010
LAW FIRM ON DEED: Alexander Ricks PLLC, Charlotte, N.C.

PLANS, DESCRIPTION: Canadian investor group Symcor Capital Partners purchased the 312-unit The Fountains at North Port apartment development for $19.73 million.

The price equated to $63,250 per unit.

Built in 2000, the development occupies a 27-acre parcel near Interstate 75. The apartment complex includes one-, two- and three-bedroom units averaging 923 square feet each. Amenities include a clubhouse, fitness center, swimming pool and spa.

The property is 95% occupied.

The investment sales team at HFF, led by Matt Mitchell and Jaret Turkell and supported by real estate analysts Maurice Habif, Scott Wadler and Zach Nolan, represented the seller.

“It was a nice project, but the buyers plan to upgrade it as well,” Mitchell says. “We see a lot of capital coming back into the market, including a lot of foreign capital. The Southwest Florida rental market is as strong as any other market in the state.”

HFF also assisted in securing a 10-year, fixed-rate $14.6 million loan on behalf of the buyer through General Electric Capital Corp.

Within the past 18 months, Symcor Capital Properties Inc. has acquired more than $45 million worth of residential properties and is actively looking for new opportunities, according to HFF. Symcor expects to double its Florida portfolio within the next year.