Estero apartment complex Longitude 81 sells for $78.8M

Author: David Dorsey, Gulfshore Business
Published: Updated:

Longitude 81, a 260-unit apartment adjacent to Hertz Arena in Estero, sold for $78.8 million, an average of about $303,000 per apartment.  

The apartment complex off Everblades Parkway at the intersection with Ben Hill Griffin Parkway measures 250,000 square feet, with 11 two-story residential buildings and a clubhouse on just under 18 acres.  

Built in 2016, it is 98% leased with average monthly rents of $2,059.  

ECI Group purchased Longitude 81 from Passco Companies LLC. The complex previously sold for $54.9 million in April 2017, meaning the value increased by 42% since then.

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