Westwood Realty Sells a $44,600,000 in Ft Myers, FL

NYC Based Manhattan Five Partners closed on the purchase of the Laurels, located in Fort Myers Fl for $44,600,000. The property was built in 1972 and fully renovated in 2017.

The Laurels is a garden style complex consisting of 240 residential units.  It boasts amenities that include a gym, in unit washer dryers, outdoor pool and a leasing-business center. Current rents range from $1,455-$1,829 for 1-to-3-bedroom units.

Manhattan Five, run by Jeffrey Srulowitz, assumed the in-place Capital One/Fannie Mae debt of $27,400,000 with a fixed interest rate of 4%, according to CoStar.  Manhattan Five is a NYC based family office with long term ownership plan with holdings in Texas, Maryland and California, according to their website.

The Seller is NYC based Spruce Capital led by Robert Schwartz and Joshua Crane in a partnership with Post Road Group. They purchased this property for $34,800,000 in June 2019.

Spruce recently made headlines when the unloaded a portfolio of 5 properties totaling 1,990 units in Mobile Alabama for $172,000,000, in December 2021.

Steven Vegh of Westwood Realty was the sole broker of this off market transaction and as well facilitated the Mobile deal in 2021 as well.

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January 26th, 2023
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