San Francisco's Bristol Group buys Salamanca Pointe Apartments

BUYER: Bristol Salamanca LLC (principal: Jeffrey Kott), San Francisco
SELLER: RR Panther LLC
PROPERTY: 6308 Panther Lane, Fort Myers
PRICE: $13.56 million
PREVIOUS PRICE: $21 million, January 2006
LAW FIRM ON DEED: Shutts & Bowen LLP, West Palm Beach

PLANS, DESCRIPTION: San Francisco-based Bristol Group Inc. purchased the 200-unit Salamanca Pointe Apartments for $13.56 million.

The price equated to $67,800 per unit. That figure is lower than the average price per unit for multifamily space ($70,191) in Southwest Florida area, according to the CoStar Group.

Bristol Group purchased the property in an all-cash deal with plans to renovate the development's units and take advantage of the region's recovery.

The company says it was attracted to Salamanca Pointe because of its central location near some of Fort Myers' top schools, golf courses and retail, as well as Salamanca's large units and amenities. Units average 1,140 square feet. Half of the apartments at the project were previously renovated, and Bristol plans to renovate the remaining units as they turn over, upgrading flooring, cabinetry, appliances and finishes.

Built in 1975, the 230,309-square-foot development occupies an 11.68-acre site. Its 21 buildings feature townhome and villa-style units. Community amenities include a fitness center, swimming pool and clubhouse with a cafe. Bristol also plans to enhance the amenities in consultation with the tenants.

A longtime investor in the Fort Myers and Naples region, Bristol Group believes that Southwest Florida is at the beginning of a strong recovery in the apartment and housing markets.

“The recession was extremely difficult on jobs and housing in Fort Myers,” Jake Kraft, vice president at Bristol Group, says in a press release, “but the region has turned a corner, and we expect strong positive growth in the area to continue for the foreseeable future.”

Founded in 1980, Bristol Group is a real estate investment and development firm. It has acquired, developed or redeveloped more than $2.5 billion worth of real estate, which includes more than 22 million square feet of commercial properties. Its holdings include office, industrial, retail, multifamily and self-storage.