Fountains at Forestwood changes hands for $55m

Fountains at Forestwood, a 397-unit multifamily community in Fort Myers, Florida, has been sold for $55m to an affiliate of Lloyd Jones Capital. The property was built in 1985 and was 91 percent leased at the time of the sale. Common area amenities include controlled access, a resort-style swimming pool, a 24-hour fitness center, lakefront jogging trails, three laundry facilities and a car wash center. The sale was completed with a $38.2m 10-year, fixed-rate Freddie Mac green-up loan arranged by Berkadia.