By Nathan Hale (May 20, 2022, 9:49 PM EDT) — Miami-based 13th Floor Investments, in partnership with Wexford Capital, has sold The Reserve at Coconut Point, a recently completed luxury multifamily development in the Southwest Florida community of Estero, for $71.7 million.
Denver-based real estate investment trust AIR Communities, one of the country’s largest owner-operators of multifamily housing, was the buyer, according to public records and Jamie May, CEO of JBM Institutional Multifamily Advisors, who represented the seller.
“The sale of The Reserve at Coconut Point directly coincides with a dramatic surge in residential rental activity across Florida, which is creating heightened demand for institutional investment-grade assets among sophisticated investors,” Daryl…
