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Business Observer Friday, May 27, 2022 1 month ago

Buyer secures $11.9 million in financing for Naples multifamily complex

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The new owners of the Opus Apartments in Naples turned to Berkadia for acquisition financing.
by: Louis Llovio Commercial Real Estate Editor

The new owners of the 63-unit Opus Apartments in Naples received an $11.9 million acquisition loan.

The apartment complex, at 16th Place SW, was bought by Great America Holdings out of Miami for $15 million, according to Berkadia, which arranged the loan.

Berkadia says Cohen & Company originated the $11.94 million, three-year, floating-rate loan. Of that, $11.25 million is in initial funding and $693,000 is future funding.

Opus, which is in the Golden Gate section of Naples, is made up of studio, two-bedroom and three-bedroom apartments ranging in size from 450 square feet to 1,600 square feet. Pricing was not available on the complex’s website nor its listing on apartments.com.

At a time when multifamily properties seem to be trading for more than $100 million on a fairly regular basis, the $15 million price tag for the Opus Apartments is likely to lead to some double takes. But at $238,095.24 per unit, the price is on the mark for the market.

Data from Real Capital Analytics finds that the average selling price for multifamily properties in Southwest Florida last year was $229,780 per unit. The average has risen this year, but not so much that this purchase was a steal.

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