Lee County Florida - Land, Farms & Ranches - Property ID: 3682186

Property ID: 3682186 - Lee County Florida


Property ID: 3682186 - Lee County Florida

Property ID: 3682186

County: Lee

Type: Residential Property

Acres: 16.44

Address: 3811 Schoolhouse Road

City: Fort Myers

State: Florida

Zip: 33916

Price: $3,960,000.00

Status: Available
Description: Arbor Glen is a unique shovel-ready multifamily site with a A infill location within the City of Fort Myers. The site is fully entitled with a Development Order in place for 360 units within 15 buildings and includes a mix of floor plans ranging from 830 sqft to 1,214 sqft. This gives multifamily developers the ability to start development immediately following closing, adding much needed inventory to a rapidly growing area of Fort Myers. Lee County, in general, is experiencing robust demand for multi-family housing due to significant employment and population growth, which the most recent government figures showed both reaching new all-time highs. This bodes well for the prospects of Arbor Glen to attract new renters entering the market. In addition, a significant portion of the existing apartment supply in the immediate area is fully occupied and of considerable age, allowing Arbor Glen to draw from the existing pool of renters interested in new product and modern amenities. Located adjacent to Colonial Elementary School and Trailhead Neighborhood Park, this property compliments similar successful projects in the area. Situated in the heart of Southwest Florida near the Colonial Blvd. and I-75 corridors, Arbor Glen offers easy access throughout the region. What differentiates this parcel from surrounding undeveloped multi-family sites is the up-front work completed to date, which provides a developer the ability to bring new product to market almost immediately within an area currently in need of new supply. The scope of work completed includes an ERP permit, SFWMD permit and an approved Development Order in hand. Additional features, that reduce development costs and further the ability to commence site work quickly, include an on-site lift station, no on-site water retention needed, and all utilities are stubbed to the site. PROPERTY HIGHLIGHTS Fort Myers boasts the lowest vacancy rate in the state of Florida. Current occupancy for stabilized properties is 96.8%. Occupancy has ranged between 96%-99% over the past three years for stabilized properties. In 2014, effective rents increased 13.2%. Located in one of the fastest growing MSAs in the country over the past three years. Strategic location close to major thoroughfares, employment centers and cultural attractions. Attractive one, two and three bedroom floor plans, which include walk-in closets, breakfast bars, pantries and private patios/balconies. No on-site water retention requirements, allowing maximum density of 360 multi-family units. Site is fully approved with ERP, SFWMD permit and a Development Order in-hand. COMMUNITY HIGHLIGHTS Arbor Glen represents an outstanding investment opportunity: Brand new development on 16.44 acres with 360 apartment units for rent On site modern amenity center 15 Three-story buildings One-, two- and three-bedroom floor plans (830-1,214 square feet) Within one mile of Interstate 75 Nearby shopping, dining, entertainment, public schools and other conveniences Adjacent to Trailed Neighborhood Park and Colonial Elementary School OFFERING SUMMARY Total Number of Units:360 Net Rentable Area (SF)316,224 Bldgs:.15 Three Story Buildings Acres..16.44 Tax ID: .#31-44-25-P2-00500.005A Utilities.Stubbed to Site Permitting..ERP, SFWMD, Development Order Price.$3,960,000 | $11,000 Per Unit (360 Multi-family Units)


Contact Name: Justin Thibaut, Director of Sales

Phone Number: 239-489-4066

Address1: 10471 Six Mile Cypress Pkwy

City: Fort Myers

State: FL

Zip: 33966

NOTE: The information contained herein is provided as general information only and has been obtained from sources deemed reliable. It is provided without any guaranty, warranty or representation, expressed or implied, made by Lands of America who specializes in land for sale, or any related entity, as to the accuracy or completeness of the information. The information is presented subject to errors, omissions, change of price or conditions, prior sale or withdrawal without notice. Prospective purchasers should make their own investigations, projections and conclusions concerning the information.