Franklin Street has brokered the sale of Wild Pines of Naples Apartments in the affluent Naples market on Florida’s southwest coast. The 200-unit, garden-style apartment community sold for $25.35 million, or $126,750 per unit.
Franklin Street’s Tampa-based multifamily investment sales team of Darron Kattan, Zach Ames, Kevin Kelleher, Avery Jordan, and Mark Savarese arranged the sale on behalf of the seller, Axonic Properties, and the buyer, GMF Capital. Both firms are based in New York.
“This is a well-located asset with 52 percent affordable restrictions,” said Kattan. “The buyer recognized that the dynamic location and the lack of workforce housing in the area will keep the property producing excellent returns for years to come. GMF Capital secured new financing and provided hard money on contract, while closing at the contract price. The seller was able to realize a quick turnaround after purchasing two years ago by transforming operations and significantly increasing the asset’s cash flows.”
“Despite the unusual marketing circumstances due to COVID-19, Darron and Franklin Street successfully procured a buyer and achieved our exit price expectation for this asset,” said Jonathan Shechtman, managing principal at Axonic Properties.
Wild Pines is comprised of 19 buildings on 10.57 acres. The property consists of 96 market-rate units and 104 rent/income-restricted units. All units are one-bedroom, one-bathroom apartments averaging 600 square feet.
At 2580 Wild Pines Lane, the property is 1.6 miles from downtown Naples, near several major national retailers and points of interest. The property was built in phases with the original units built in the 1960s, a second portion built in the 1980s and the remaining units built in the 1990s. Onsite amenities include two sparkling pools, laundry facilities, a business center, a full-service gym and multiple picnic areas.