Grand Central is a 280-unit luxury mid-rise property in Ft. Meyers, Florida. The property is located in the western Lee County submarket and gives residents immediate access to Interstate 75 and Florida 884. The site is four miles from downtown Ft. Meyers and close to a plethora of commercial, employment, and retail enterprises, including Edison Mall and Lee Memorial Hospital. The hospital employs 13,500 people and recently added 256 new beds in a $347M expansion. Lee County School District and Gartner employ 12,000 and 1600 respectively, and both continue to expand. From Q2 2020 to Q2 2021, the region’s employment base increases by 19%. Grand Central is the only multifamily asset built in western Lee County since 2015.
Grand Central, completed in 2019, consists of 4 mid-rise buildings containing one-bedroom floor plans ranging from 795-869 square feet and two-bedroom floor plans ranging from 1269-1471 square feet. The community amenity package includes one heated salt-water swimming pool, pet park, outdoor game area, billiard lounge, outdoor kitchens, business center, 24-hour package room, walking trails, 24-hour athletic center, fire pit with outdoor seating, and garages. The unit interiors have designer kitchen appliances and include beverage refrigerators, 9-foot ceilings, balconies, storage closets, washer/dryer, double pane glass, keyless entry, Soft Touch cabinetry, digital thermostats, and USB ports. Some units have walk-in showers.
Hawthorne Management assumed management services at closing. ApexOne Special Situations Fund IV, LP purchased Grand Central and will hold long-term to capture growth and appreciation.