Freedom Venture Investments Breaks Ground on 106-Unit Apartment Complex in Cape Coral
Freedom Venture Investments has secured financing and broken ground on a 106-unit apartment complex, Cape Vista Apartments in Cape Coral, as part of the company's strategy to deliver high-quality housing at an affordable price.
The $25 million project will add 106 garden style apartments to an area that is in a housing crisis due to a lack of affordable homes for sale and homes for rent, a situation exacerbated by the impact of Hurricane Ian on Lee County.
"Cape Vista is designed to offer our tenants quality housing at an affordable price. We strive to address the 'missing middle' in the market," said Freedom Venture Investments CEO Dave Seymour.
Cape Vista features six unique unit configurations offering two-bedroom/two-bath layouts that are designed to appeal to working families and retirees. The units feature condominium-level finishes, and the grounds will have walking and exercise trails and a playground.
Freedom Venture Investments acquired the Cape Vista site in January of 2022 and prepared the site for construction of the units. A $19.9 million loan was secured from Broadmark Realty Capital for the construction. Pre-leasing on the apartments will begin in the spring of 2023.
Freedom Venture Investments has more than 1,200 units in various stages of development throughout the Southwest Florida Coast. The company intends to deploy an additional $1 billion into new housing projects aligned with strategic partners such as Volta Global, a Miami-based private equity and real estate investment firm. A portion of the portfolio is concentrated in "Single-Family Build-For-Rent" communities, offering residents the lifestyle of a single-family home with maintenance-free living.