ECI Group has acquired Longitude 81 Apartments, a 260-unit upscale apartment community located at 11221 Everglades Parkway in Estero, FL. Constructed in 2016, the property encompasses 11 two-story buildings on 17.95 acres and features studio, one-, two- and three-bedroom townhome style apartments with private ground floor entrances. The multifamily asset will be rebranded as Waterline Estero.
Scott Levitt, ECI’s Chief Acquisition Officer commented: “The acquisition of Longitude 81 is part of our strategy to reinvest capital from our recent sale of The Columns at Paxton Lane earlier this spring into new opportunities that offer value creation potential such as this property located in one of the fastest growing regions in Florida with a material rent differential compared to similar assets we own nearby.” He further added that they are looking forward to executing an upgrade program for the multifamily asset sometime soon.
