ECI Group Acquires 260-Unit Multifamily in Estero, FL

ECI Group has acquired Longitude 81 Apartments, a 260-unit, upscale apartment community at 11221 Everglades Parkway in Estero, FL. Built in 2016, it encompasses 11 two-story apartment buildings on 17.95 acres with studio, one-, two- and three-bedroom townhome-style apartments with private, ground-floor entrances. The community will be rebranded as Waterline Estero. 

“The acquisition of Longitude 81 continues ECI’s strategy of reinvesting capital in our business, in this case, recycled from our recent sale of The Columns at Paxton Lane earlier this spring,” said ECI Chief Acquisition Officer Scott Levitt. “Southwest Florida is one of the fastest growing regions in the state. Given our expectation for strong continued growth and the fact that there is a material rent differential between Longitude 81 and two similar assets we own nearby, we are excited about the value creation potential at this property, which could include a renovation-upgrade program in the future.”