On behalf of DevMar Development and BCDC (the "Sponsorship Team"), Capstone is pleased to present a preferred equity and senior construction debt financing opportunity to support the development of Vantage Fort Myers. Vantage Fort Myers is a to-be-built, 225-unit, 16-story high-rise with a detached five-story parking garage in the heart of the Downtown Riverfront District in Fort Myers, Florida. This Class-A community will feature best-in-class amenities and luxurious modern interiors. Located adjacent to Cleveland Avenue (45,000+ VPD), the site is across the street from the Caloosahatchee River waterfront next to Centennial Park and Legacy Harbour Marina.
The site benefits from a tremendous location and is walkable to both the famous Riverfront District as well as the Fort Myers Downtown Commercial District. Additionally, the site is only a mile north of the Lee Memorial Hospital campus, which has over 1,200 employees and is part of the continuously expanding Lee Health System (17,000+ employees) in Fort Myers, the leading health care provider in Southwest Florida. The broader Fort Myers economy has also continued to perform well, as 40,000+ jobs have been added back since the trough in April 2020 due to COVID-19, bringing the unemployment rate back down to 4%, in line with pre-COVID metrics. As such, the apartment market fundamentals in Fort Myers are extremely robust, as rents have increased by 27% during 2021, while stabilized vacancy has dipped below 4% and is expected to remain below 4% for the next three years.