Kittle Property Group, Inc. closed on the land for a new construction workforce housing/market rate community in Ft. Myers on the Gulf Coast in Florida. We had the unique opportunity to purchase this land in a highly sought after MSA in southern Florida. Ft. Myers has a strong performing rental market, filled with high paying jobs and educated individuals. The current development will be situated on 23 acres with frontage along Ortiz Avenue and exposure to I-75.
Mass grading of the development is set to begin in the coming weeks and closing on the debt/equity will transpire during the 3rd quarter of 2022. This new community will showcase nine 4-story elevator operated buildings and host 384 apartment homes- one of KPG’s largest communities- and will entertain a combination of luxury finishes and amenities to remain competitive in the market.
The purchase was financed through our land equity fund and guidance line of credit with First Internet Bank. These sources of capital have been vital for our development pipeline as we navigate land acquisitions in booming sunbelt markets.
