Encore Multifamily recently secured a $48.7 million fixed-rate loan through the HUD Section 221(d)(4) program for its Encore Daniels Falls development in Fort Myers, Florida. This class-A multifamily apartment community is situated on 6.73 acres and consists of 240 units, with an expected completion date of Q3 2026.
The modern five-story building will offer a variety of unit options including studio, one-, two- and three-bedroom apartments. Residents will have access to luxurious amenities such as a clubhouse, fitness center, business center, pool area with firepit, dog wash station and park area for their furry friends to play in. Additionally,a designated outdoor lounging space and convenient 24-hour package room will be available.
Fort Myers has experienced significant growth over the past year with its population increasing by 4.73% between 2021-2022 alone,and median household income rising by11%. This makes it an attractive location for Encore Enterprises’ latest project.
Founded in2008,Encore Enterprises specializesin developing multifamily properties from the ground up or through value-add acquisitions within mixed-useand urban infill communities.Since its inception,the company’smultifamily division has completed49 deals totaling approximately $2 billionin assets.Their portfolio includesover10,o00 multifamily unitsacross various markets.They are committedto delivering high-quality developments that enhance communities while providing exceptional living experiencesfor residents.
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