Mosaic at the Forum in Fort Myers sells for $49.7m

Mosaic at the Forum, a newly developed, 252-unit apartment scheme in Fort Myers, Florida, has been sold for $49.7m. Completed in December 2017, the gated apartment complex features 10 three-story buildings on a 13-acre site. The property, which was 95-percent leased at the time of sale, traded for just over $197,220 per unit. Amenities include a fully equipped fitness center, two dog parks, a resident package delivery system, detached garages and storage closets. Cushman & Wakefield represented the seller, Mosaic Development.

“Southwest Florida continues to attract a broad audience of multifamily buyers, ranging from private investors to large institutions,” said Brad Capas, senior director at Cushman & Wakefield. “It is among the fastest-growing submarkets in the country with an impressive employment story, and investors are taking note. We are continuously contacted by investors who are specifically targeting Lee and Collier counties for multifamily investment.”