Joint venture buys 1,000-unit apartment portfolio

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SCI Real Estate Investments, in a joint venture with Naples Realty of Florida, purchased a three-building apartment portfolio of 1,000 units located in Ft. Myers, Fla. The total value of the portfolio was $75.2 million. Two of the properties, Beach Club and Viridian, are contiguous. They are B+ in quality, garden-style, and were completed in 1991. The third property, Park Crest at the Lakes, is an A-quality property, finished in 2000. SCI and Naples will each hold a 50 percent equity interest in the portfolio. SCI's Scott Derrick negotiated the joint venture with Naples' Alan Schiffman, and Jamie B. May and Trish Barton of JBM Realty Advisors represented the sellers. *** What's your opinion? Send your Letter to the Editor to