New York firm buys 55-plus apartment community in Bonita Springs

BONITA SPRINGS — A New York-based investment firm has bought Diamond Oaks Village, the first 55-and-over apartment property in its portfolio.

The development, at 24110 S. Tamiami Trail in Bonita Springs, opened in August 2017. It has 160 units ranging from 643 square feet to 1,176 square feet. Rents, according to Apartments.com, range from $2,060 to $3,070. Among its amenities are screened balconies, covered parking garage, and a bistro bar and pub.

It was built by United Group of Cos., a Troy, New York-based real estate development firm, which began demolition on the property in November 2015.

Castle Lanterra Properties, the new owner, did not disclose the sales price and the sale is not yet reflected on Lee County’s property records website. According to one published report, the property sold for $70.75 million.

CLP, as it refers to itself, is based in Suffern, New York, about 31 miles outside Manhattan. Its focus is “on the acquisition and repositioning of multifamily properties as well as acquiring quality, new-construction properties.” According to its website, it has 18 properties totaling 7,500 units. Among those are two in Florida, the 259-unit Loftin Place in West Palm Beach and the 339-unit Vue at Belleair in Clearwater.

Sales, the company says, were $750 million last year.

In a statement, the company’s CEO and founder Elie Rieder says he expects to implement “a value-add strategy that further enhances” Diamond Oaks.

The purchase, he says, “speaks to our focus on strategically expanding and enhancing our platform by tapping into distinct asset classes benefiting from demographic trends with lower correlations to the overall economy, including active adult living communities in targeted markets across the country.”