The Cape at Savona Point
The Cape at Savona Point is a 320-unit vintage mid-rise multi-family property located at 1730 Savona Point Circle in Cape Coral, Florida. The project consists of five, four story, elevator served apartment buildings and a one-story leasing office situated on a 21.29-acre site. The average unit size is 1,051 SF and the property amenities include 80 detached garages, a swimming pool with sundeck and outdoor kitchen, a fitness/yoga center, an electric car charging station, a business center, a basketball court, a dog park and grooming station, and an auto detailing bay.
The Cape at Savona Point is in the prosperous Fort Meyers-North Cape Coral submarket where the average income within a five-mile radius of the Property is over $82k and is located within the acclaimed Lee County School District, with the average of its zoned schools ranked at 7. Key employers include Lee Memorial Health System (11k employees), Chico’s FAS (1.6k employees), Gartner, Inc. (1.2k employees), and Hertz (Global Headquarters, 1k employees), among others. The North Cape Coral submarket is only expecting a delivery of 521 units between 2022-2025, providing an opportunity to take a strong position in the market by maintaining high occupancy and achieving considerable rent growth.