Developer plans apartments after $5.6M deal

FORT MYERS — The principal executive of a New York multifamily investment firm acquired a 25.63-acre property in Lee County for a future apartment project.

TEG Cypress LLC, an entity controlled by Airmont, N.Y.-based The Embassy Group principal David Willner, paid $5.6 million for the land, at 12770 and 12990 Ben C. Pratt Six Mile Cypress Parkway, according to a statement. The purchasing entity intends to build a 225-unit multifamily project on the property, “further demonstrating exponential growth in the Daniels Parkway and Six Mile Cypress Parkway corridors of Lee County,” adds the release, from Fort Myers-based Land Solutions.

Justin Thibaut and Randy Thibaut of Land Solutions represented the seller, Cypress Hammock SWFL LLC.

In a sepetate deal last fall, another firm connected to The Embassy Group, TEG Amberton LLC, along with four other entities, acquired the 306-unit Amberton Luxury Townhomes in Naples for $67 million.