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ATLANTA, June 14, 2021 /PRNewswire/ -- ECI Group announces the acquisition of Mosaic at Oak Creek Apartments, a 273-unit community with 7,354 square feet of retail in Bonita Springs, FL. The development was completed in 2020 by Mosaic Development. Financing for ECI was provided by CrossHarbor Capital Partners and arranged by Purvesh Gosalia, Vice Chairman of Newmark in Houston, TX.
"This property is a wonderful addition to ECI's portfolio and reflects our confidence in the strong growth inherent in the I-75 corridor and the Bonita Springs/Naples area specifically," said ECI Chief Acquisitions Officer, Scott Levitt. "ECI has been in the Florida market for 20 years and, with our self-managed approach, we look forward to rebranding this asset and completing the lease-up." The apartments at Mosaic at Oak Creek are 85% leased. ECI will be retaining a retail brokerage firm to assist with marketing of the retail space.
"It's always a pleasure working with the impressive team at ECI Group," said Newmark Vice Chairman, Purvesh Gosalia. "We have a decade-plus long-standing relationship. This acquisition will be a great addition to ECI Group's Southwest Florida portfolio."
Mosaic at Oak Creek Apartments is a highly walkable, gated community, providing residents with pedestrian access to downtown Bonita Springs. Bonita Beach is a short drive from the property and residents have quick access to US-41 (Tamiami Trail) and I-75. Community amenities include:
On-Site Kayak Launch to Oak Creek leading to the Imperial River
Clubhouse with Game Tables, Wi-Fi Lounge, and Co-work Space
Pet Friendly with Bark Park & Grooming Spa
Heated Resort- Style Swimming Pool with Sundeck
The spacious one, two and three-bedroom apartments feature:
Modern Kitchens w/ Island and Pendant Lighting
Luxury Wood Style Plank Flooring
Airy 9-foot Ceilings, Pantry, and Walk-In Closets
Full Size Washer/Dryer
About ECI Group
For more than 50 years, ECI Group has been one of the most highly regarded, privately owned real estate organizations in the United States. The firm is fully integrated, with development, construction, and management groups that have garnered national recognition for innovation and performance in the multifamily industry. With a portfolio of more than 7,500 units located throughout the Southeast, ECI is strategically positioned to continue to be a leader in the multifamily industry. For more information, visit www.ecigroups.com.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
About CrossHarbor Capital Partners LLC
CrossHarbor Capital Partners LLC is a boutique Boston-based alternative investment management firm with more than 25 years' experience investing in core-plus, value-add and opportunistic debt and equity commercial real estate transactions. CrossHarbor has invested in more than $15 billion of commercial real estate on behalf of a diversified and highly regarded community of endowments, foundations, public and corporate pension plans, financial institutions, family offices and sovereign entities.
About Mosaic Development
Mosaic Development was founded in 2013, by three seasoned multifamily and master development experts. The Company has successfully developed several market rate multifamily projects in representing over 1,000 units of multifamily rental housing and 24,000 square feet of retail. For more information, please visit mosaicdevelopmentfl.com.
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SOURCE ECI Group