Sticking with the greatest hits of the 2020s, apartments continued a familiar tune, leading the way in 2023 Southwest Florida commercial sales.
As In the Know reported this month, the year’s No. 1 purchases in both Collier and Lee counties were multifamily including a $125 million luxury Naples compound at the Immokalee Road and Collier Boulevard hot corner and $78.8 million for another adjacent to Estero’s Hertz Arena.
But it goes beyond, following a COVID-era pattern dating to 2020. Four of Collier’s Top 6 all were apartments, and three of Lee’s Top 8 are tied to multifamily. Here’s what to know.
What’s helping drive housing investment in Southwest Florida?
Factors, such as southbound Baby Boomers, are helping drive investments. Telecommuting execs, some opening offices in Naples, also have been making their way to our luxury apartments and other housing, and coronavirus was a spark. That South Florida trend was part of a new CNBC report.
“We saw a huge volume of relocations early in the pandemic,” said Stephen Bittel, founder of Terranova, one of Florida’s largest commercial real estate firms, noting that many have their own companies. “We’re starting to see a second wave of their executives.”