BONITA SPRINGS, FL – ECI Group announces the acquisition of Mosaic at Oak Creek Apartments, a 273-inhabitant community with 7,354 square feet of retail space in Bonita Springs, FL. The development was completed by Mosaic Development in 2020. Funding 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 the ECI portfolio and reflects our confidence in the strong growth of the I-75 corridor and, in particular, the Bonita Springs / Naples area," said Scott Levitt, Chief Acquisitions Officer of ECI. "ECI has been in the Florida market for 20 years and with our self-managed approach we look forward to renaming this asset and finalizing the lease." The apartments at Mosaic at Oak Creek are 85% rented. ECI will hire a retail brokerage firm to help market the retail space.
“It is always a pleasure to work with the amazing team at ECI Group,” said Newmark Vice Chairman Purvesh Gosalia. "We have had a long-standing relationship of more than ten years. This acquisition will be a great addition to the ECI Group's Southwest Florida portfolio."
Mosaic at Oak Creek Apartments is a walkable, gated community that offers residents 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. Communal facilities include: on-site kayak launch to Oak Creek, which leads to the Imperial River, clubhouse with game tables, Wi-Fi lounge and co-work space, pet friendly with Bark Park & Grooming Spa and heated pool in the resort -Style with sundeck.
Source: ECI group