275 market-rate apartments under construction in Fort Myers

The NRP Group, a Cleveland, Ohio-based developer of market rate apartments, has started construction on a new multifamily development in Fort Myers.

The 275-unit complex, named The Riley, is being built on land at the intersection of Highway 41 and San Carlos Boulevard. Work is expected to be complete late next year.

The firm broke ground on the community Tuesday.

NRP says in a news release that the community will be made up of three four-story buildings and have an amenities package with the standard fare that includes a pool with an outdoor kitchen, a clubhouse, and both a business and fitness center. Units will range from one-, two- and three-bedroom apartments between 655 square feet and 1537 square feet. Rent is expected to start in the low $1600s.

What will differentiate this complex from others says the developer is that each of the four building will have “features to cater to a diverse resident base.”

Building one will include the clubhouse as well as most of the lifestyle amenities and serve as the main gathering spot for residents, NRP says in the release. Building two will have a courtyard with public greenspace and places to sit and lounge. As for building three, it will have views of Estero Bay Preserve State Park for a “nature-infused living experience.”

NRP, which has an office in Tampa and others across the country, has or is in the process of building 18 properties in the state. That includes communities in Venice, Bradenton, Lutz, Fort Myers, St. Petersburg and Pinellas Park.

The firm was founded in 1994 and has developed more than 50,000 apartment units and currently manages more than 25,000 residential units. It says in the statement that its “mission (is) to create exceptional rental housing communities for individuals and families, regardless of income.”

The need for affordable rentals in Fort Myers is not a mystery to anyone. Or at least it shouldn’t be.

A study released in November by the industry publication Construction Coverage ranked the Cape Coral-Fort Myers metro area No. 14 on its list of the most expensive midsize metros where to rent in the country. According to the report, the median rent in the area is $1,967 per month.

North Port-Sarasota-Bradenton came in at No. 8 and Naples at No. 11.