The Southwest Florida real estate market has been reset on the value of a 640-unit apartment complex built in 1991.

Retreat at Vista Lakes, originally the Beach Club and Viridian Lakes apartment complexes that merged into one brand in 2009, sold on Feb. 11 for $139.5 million, according to public records.

The price tag marks the largest ever paid for an apartment complex in Lee County.

Crow Holdings, based in Dallas, Texas, bought the complex from DASAG Retreat LLC.

Crow Holdings could not be reached for comment. The company owns $24 billion in total assets under management, according to its website.

The sales records for Retreat at Vista Lakes tell quite a story about the surging value of apartments: In 2009, the complex sold for $17 million; in 2015, it sold for $53.4 million; in 2017, $66 million; in 2020, $96 million; and in 2022, it sold for $139.5 million.