Stock selling its Spectra apartments

Naples-based Stock Development has hired commercial real estate commercial firm Cushman & Wakefield to sell its recently completed Spectra apartments community in Fort Myers.

The 324-unit complex, completed in July, is expected to fetch at least $70 million when sold, although a fixed price has not been attached to an offering memorandum being distributed, says Keith Gelder, a Stock vice president.

“Based on the market, we felt it was a great time to sell this particular asset,” Gelder says. “This market is severely underserved -- there are simply very few new apartments being built in Fort Myers.”