- The Reserve at Coconut Point
The Reserve at Coconut Point
13th Floor Investments, in partnership with Wexford Capital, acquired a 6.6-acre development site within the newly-incorporated Village of Estero, Florida (2014) in August 2017. Since closing, the joint venture successfully entitled the property and has now commenced development on The Reserve at Coconut Point, a 180-unit, surface-parked, garden-style multifamily rental community. The Reserve at Coconut Point will be the only multifamily rental property within the highly-desirable Coconut Point Development of Regional Impact (DRI) and will complement the 500-acre master planned, mixed-use property's retail, office and hotel components. Coconut Point boasts more than one million square feet of vibrant and experiential retail space, 30,000 square feet of office condominiums and Hyatt and Marriott hotels onsite. The area is also home to the new Hertz World Headquarters, with over 600 employees onsite and an additional 1,200 local jobs to be created by 2018.
With no additional approved market-rental apartments within the Coconut Point DRI, the project has a sustainable competitive advantage given the area's challenging entitlement and approval process. While the business plan contemplates a sale in year 6, given the outstanding location and growth potential of the boarder market, we believe this asset could also serve as a long-term hold.
180 Apartment/multifamily Units
6.6 Acre Development Site