JBM® Brokers Sale of Versol Apartments in Bonita Springs

JBM® Institutional Multifamily Advisors continues to close deals in Southwest Florida. This time, they brokered the sale of Versol – a 2020-built, Class A+, 240-unit luxury multifamily community in Bonita Springs, Florida. The Property sold for $87,250,000 or $363,542 per unit. The seller was TerraCap Management, a privately held investment manager headquartered locally in Naples, Florida. This marks the 2nd time in the last two years that JBM® has sold the Property.

JBM® Chairman & CEO, Jamie May, comments, "Versol is such a beautiful deal with a strong location. Ideally situated between Fort Myers and Naples, Bonita Springs is a strong sub-market that continues to grow and demonstrate unbelievable income demographics. Congratulations to both buyer and seller on a smooth transaction."

About the Property

The Property site is 27.35 acres +/- consisting of 240 units averaging 1,094 square feet, yielding an extremely desirable low-density of just 8.78 units per acre. The Property features concrete block construction, with both two and four-story buildings (four-story buildings are elevator serviced).

Their ultra-modern amenity package features a resort-style pool with sun shelf; coastal-style clubhouse; 24-hour, state-of-the-art fitness center with True Fitness equipment and a spin/yoga room; outdoor summer kitchen; bocce ball court; Amazon Hub package lockers; and rentable storage units and garages.

Units feature quartz countertops; chef-inspired signature kitchens with GE stainless steel appliances, 42" shaker-style cabinets, subway tile backsplash, and extra-large undermount sinks; luxury faux wood plank flooring in living areas; and private, screened-in balconies/patios.

Location

Acting as the suburban hub to high income earners for both Naples and Fort Myers, Bonita Springs has seen explosive growth in recent years (46% since 2010). The Property is just 3 miles to Barefoot Beach and within 5 miles of two major hospitals. Notable 5-mile demographics include average household income of $117K and an average net worth of $2.2 million.