Freedom Venture Investments has broken ground on Cape Vista Apartments, a 106-unit apartment complex, in Cape Coral, Fort Myers, Florida, US.
The company has also secured financing for the project, which is a part of Freedom Venture’s strategy to deliver quality housing at an affordable price.
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The $25m project will feature 106 garden-style apartments in a region that is facing housing crisis due to scarcity of affordable homes for sale and homes for rent, a situation that has worsened after Hurricane Ian hit the Lee County.
Freedom Venture Investments CEO Dave Seymour said: “Cape Vista is designed to offer our tenants quality housing at an affordable price. We strive to address the ‘missing middle’ in the market.”
Cape Vista will comprise six unit configurations, providing two-bedroom/two-bath layouts to attract working families and retirees.
The units will also feature condominium-level finishes.
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By GlobalDataThe project will have walking and exercise trails and a playground.
In January, Freedom Venture Investments acquired the Cape Vista site and prepared it to commence construction.
The company secured $19.9m loan for construction from Broadmark Realty Capital.
Pre-leasing on the apartments is expected to commence in the spring of 2023.
Freedom Venture Investments has over 1,200 units in different stages of development throughout Florida.
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Image: Cape Vista Apartments. Credit: Freedom Venture Investments/PRNewswire.
