InvestRes Expands Florida Footprint with Acquisition of Multifamily Property Coral Pointe at the Forum in Fort Myers

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Dec 04, 2018, 08:33 ET

FORT MYERS, Fla., Dec. 4, 2018 /PRNewswire/ -- InvestRes has purchased 'Coral Pointe at the Forum', a multifamily property located in the North Lee County submarket of Fort Myers. Coral Pointe is a 252-unit community, which will be managed by InvestRes's in-house property management division, ResProp Management.

The 252-unit garden-style walk-up community sits on 13 acres just minutes from I-75 and in the center of the Forum, a 700-acre mixed-use development project featuring convenient access to retail and employment hubs

The community's featured luxury pool is one of several amenities offered at Coral Pointe at the Forum. Other resident amenities include two gated paw parks, a club room featuring entertainment space and billiards, an updated fitness center, community-wide WiFi, and an outdoor social lounge for residents to enjoy.

Coral Pointe at the Forum is a high quality, Class A community constructed in 2017, offering one to three-bedroom apartment homes with floor plans of 545 to 1,350 square feet and several resident amenities. This was a multilateral transaction aimed at deferring capital gain liabilities for one of InvestRes's partners who sold real estate elsewhere and worked with InvestRes in connection with a 1031 exchange into the property.

"We are excited to continue growing in Florida's Gulf Coast market. Coral Pointe at The Forum is a great fit for our investors: well-built, cash flowing, and located in a growing retail and entertainment hub. Fort Myers' continues to post low vacancy and solid job growth in technology and healthcare sectors, and we believe that continued population growth will continue to drive demand for multifamily living," said InvestRes CIO, Joe Facchini.

With the addition of this recent acquisition, InvestRes has now acquired nine properties this year and owns more than 6,700 units across Florida.

About InvestRes: Since 2010, InvestRes has acquired over 17,000 apartment homes throughout Florida, Texas, Arizona, and Colorado. InvestRes will continue to opportunistically purchase and redevelop multifamily properties in targeted markets into 2019. InvestRes is a vertically integrated company, handling acquisitions, property management, construction management and portfolio management in-house. InvestRes aims to provide premier service to investors and owners of residential real estate.

Media Contact:
Chris Wang
214.396.9615
[email protected]

SOURCE InvestRes