Fort Lauderdale developer buys land for Estero Oaks apartments

BUYER: Estero Oaks Associates LLC (manager; Jonathan Gopman), Dania Beach
SELLER: Estero Three Oaks Partners LLC
PROPERTY: the northwest corner of Estero Parkway at Three Oaks Parkway, Fort Myers also known as tracts A, R, L and B-2 Estero Oaks
PRICE: $3.4 million
PREVIOUS PRICE: $17.6 million, June 2006 (includes additional property)
LAW FIRM ON DEED: Bolaños Truxton PA, Fort Myers

PLANS, DESCRIPTION:
Fort Lauderdale-based Royal Palm Cos. purchased 18.14 acres in the Estero Oaks mixed-use community for $3.4 million.

The price equated to $187,431 per acre.

The apartment developer has already rezoned the property from 250,000 square feet of commercial space to a residential zoning that will allow it to create a luxury apartment development. The new apartment project will feature 280 one- to three-bedroom units. The seven apartment floor plans will offer from 800 to 1,400 square feet of living space.

Amenities will include a pool with a spa and a fitness center.

Brooks & Freund LLC of Fort Myers has been awarded the contract to construct the apartment complex. Work is scheduled to start soon, and the infrastructure is expected to be complete toward the end of the year. The first building will open in June 2016 with the remainder to follow in July 2016.

Andrew DeSalvo and Matt Stepan of Premier Commercial Inc. handled the transaction. The brokers are also marketing eight outparcels sites in Estero Oaks.

Oakbrook Properties owns and is the master developer for the remainder of the 36-acre Estero Oaks.

Brad Cox and Doug Rozzell with Thomas D. Wood and Co., a Strategic Alliance Mortgage LLC member, secured a $29.6 million construction loan for Royal Palm Cos. from C1 Bank.
Royal Palm Cos. previously developed the 514-unit mixed-used Villagio project in Estero and the 200-unit Gardens at Bonita in Bonita Springs.