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Commercial Real Estate
Business Observer Friday, Aug. 16, 2019 2 years ago

Aileron Capital completing Grand Central apartments

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280-unit complex anchors 18-acre, mixed-use Fort Myers project likely to be sold
by: Kevin McQuaid Commercial Real Estate Editor

Aileron Capital Management is putting the finishing touches on its Grand Central apartment complex in Fort Myers, which will complete the 18-acre, mixed-use project it began nearly three years ago.

At the same time, the Tampa-based investment firm says it is preparing to sell another pair of projects it’s developed in the area.

Bob Beard, Aileron Capital’s CEO, says the 280-unit, Class A multifamily rental project has obtained its certificate of occupancy and will be ready for tenancy by the end of this month, or sooner.

With the apartment delivery, the $50 million project, at 4944 S. Cleveland Ave., will largely be completed. In addition to the residences, the former Page Mobile Village property also contains about 10,000 square feet of retail space occupied by Krispy Kreme, Jimmy Johns and an upscale car wash.

“We saw a good opportunity deliver upscale housing in a fairly blighted area of the city, on a site that had been left dormant for a long time because of the recession,” Beard says. “And there was the opportunity there to do a mixed-use component as well, which we often find appealing.”

Units in the four-building complex, which includes a pair of four-story buildings and a pair of three-story structures, are slated to rent from $1,200 monthly to $1,800 a month. Unit sizes range from 800 square feet to 1,470 square feet and include luxury finishes and appointments.

Outside of the units, amenities range from a modern clubhouse with polished concrete floors, exposed duct work and overhead garage doors to a swimming pool with a defined shaded area.

Grand Central also contains a dog park, fitness center, outdoor kitchens and fire pits for residents.

“There’s nothing like it in that U.S. 41 corridor,” Beard says. “Residents are going to feel like they’re in a resort. Hopefully it’ll be a nice package of amenities for people to come home to.”

And while Aileron Capital plans to hold Grand Central as part of its portfolio for at least the near term, the company is preparing to bring two of its other Southwest Florida projects to market.

In Cape Coral, the company has retained Walker & Dunlop to sell its 32-acre Uptown at Liberty Health Park project, a 320-unit apartment complex completed in July 2018 that is now 85% occupied.

Beard expects the eight-building complex could fetch as much as $75 million.

Aileron Capital also plans to part with Midtown, a 90-unit apartment project in Fort Myers. Beard says the asking price there will be about $20 million.

Beard says the company was buoyed by the reaction when it brought its Channelside apartment project, also in Fort Myers, to market. Aileron sold the 325-unit complex in April 2016 for $55 million.

After the dispositions are completed and a 130-unit assisted living complex at Liberty Health Park constructed, though, Aileron Capital’s future turns murkier.

“The right sites are becoming difficult to find,” he says. “So we’re looking carefully, and we’re pretty conservative in how we approach things.”

 

 

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