Behringer Harvard buys The Palms of Monterrey

FORT MYERS - Behringer Harvard announced its investment in the senior mortgage debt on The Palms of Monterrey, a 408-unit, resort-style multifamily community on a 28-acre site in Fort Myers.

“A previous owner of the property obtained the senior mortgage on The Palms of Monterrey to fund a conversion of the apartment community into condominiums. However, changing market conditions subsequently interfered with the borrower’s plans, and the completed condominium units were never sold,” said Samuel A. Gillespie, chief operating officer of Behringer Harvard Opportunity REIT II Inc. “This situation enabled us to acquire the senior mortgage debt at a discount and refocus the property as rental apartments.”

Constructed in 2001 at 15250 Sonoma Drive, the gated community consists of 17 three-story residential buildings, a clubhouse with a business center, a fitness center with racquetball facility, a lighted tennis court, a playground, two heated pools and a poolside hot tub. Units feature one, two or three bedrooms and range in size from 1,008 to 1,496sf.