Interface Properties, headquartered in Boca Raton, recently acquired Brantley Pines in Fort Myers, Florida. The 296-unit property was purchased from The Inland Real Estate Group of Companies for $57 million at a rate of $192,568 per unit. Berkadia’s Mitch Sinberg, Michael Basinski and Brad Williamson along with Scott Wadler secured a $39.9 million acquisition loan on behalf of Interface Properties from Freddie Mac.
Prior to the sale, Inland had already upgraded 46% of the property. The new owner plans to continue the renovation program and also add amenities such as a lakeside walking path while enhancing the clubhouse area and pool area as well as improving landscaping.
Founded in 1990, Interface has successfully completed transactions across all asset classes in 20 different states.
In business since the 1970s, Inland has closed over $80 billion worth of transactions spanning across all but one state (49 total). They have sponsored both Public and Private REITs as well as numerous other investment programs including Tax-Focused Investments like Section1031 Exchange Programs totaling up to an impressive number:510 Public & Private LPs/LLCs combined with another266 Tax-Focused Investments.
