ESG Kullen’s purchase of 186 units in a fractured sale secures the new owner’s control over the southern Florida condominium association.
Berkadia has brokered the $21.3 million fractured sale of Cobblestone on the Lake, a 290-unit community in Fort Myers, Fla. Gestion Sebring sold part of the garden-style property. ESG Kullen purchased 186 units, thus gaining complete control over the condominium association. The acquisition includes 144 rent-ready units and 42 apartments in shell condition, which are set to undergo renovation.
Senior Director Tal Frydman, Director Yoav Yuhjtman and Associate Director Nicholas Perrone of Berkadia’s South Florida office, along with Senior Director Jason Stanton of the company’s Tampa office, represented both parties in the transaction. Recently, brokers from the firm’s South Florida office were also involved in a $27 million Louisiana portfolio transaction.
Located at 4301 Executive Circle, Cobblestone on the Lake is within 2 miles of Edison Mall and within 3 miles of both Interstate 75 and Highway 41. The asset encompasses 13 buildings, with one-, two- and three-bedroom units ranging from 764 to 1,835 square feet. Community amenities include a swimming pool, a clubhouse, a fitness center and jogging/walking path.