BONITA SPRINGS, Fla. — Castle Lanterra Properties (CLP), a New York-based national real estate investment firm, has acquired its first active adult community with the purchase of Diamond Oaks Village in Bonita Springs.
The recently constructed Class A property features 160 units reserved for persons age 55 and older. The community is located directly between Naples and Fort Myers, one of the most seniors-rich submarkets in the country, according to CLP.
The seller was The United Group of Companies, which developed the community, opening its doors in 2017. The price was not disclosed.
“The acquisition of Diamond Oaks Village speaks to our focus on strategically expanding and enhancing our platform by tapping into distinct asset classes benefiting from demographic trends with lower correlations to the overall economy, including active adult living communities in targeted markets across the country,” saysElie Rieder, CLP founder and CEO.
“We are thrilled that our first acquisition in the active adult space is in rapidly growing Southwest Florida’s Paradise Coast benefitting from the ‘Flight to Florida,’ with over 75 percent of incomers arriving from outside of area,” adds Frank Small, CLP’s senior managing director and head of acquisitions.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Cody Tremper and Mike Garbers. The JLL Capital Markets Debt Advisory team representing the borrower in obtaining acquisition financing was led by Allison Holland. Square Mile Capital Management provided the three-year, floating-rate loan.
According to JLL, the community benefits from limited market supply in the immediate area, as the nearest active adult apartment community is approximately 10 miles away. Additionally, 42 percent of the population within a five-mile radius of the property are over the age of 65, nearly 2.5 times greater than the national level and representing nearly 36,000 seniors.