Mattamy Homes expects to build apartments on the site.
Mattamy Homes, a Canadian residential builder that has been among the most active along the Gulf Coast since the end of the last decade's economic recession, acquired a Naples tract for $8.7 million.
The 37.25-acre site, across from the Naples Botanical Gardens at 4580 Bayshore Drive, had been the site of the former Bayshore Club Apartments, which contained 200 units.
That project was razed in 2010 to make way for Arboretum Village, a mixed-use project that never came to fruition.
Mattamy, which has developed the Harmony at Lakewood Ranch; Compass Landing in Naples; Enclave at Forest Lakes in Sarasota; and the Lakeshore Preserve in Tampa, among other developments, is expected to build apartments on the site.
Mattamy's deal comes as multifamily demand has surged along the Gulf Coast, amid increased household formations, population influx and employment gains. The region has also been part of a national trend in which fewer residents than any time since the 1960s are buying homes, records show.
Mattamy acquired the land June 7 from an affiliate of Los Angeles-based Colony Capital, according to Collier County land records. Colony Capital, a private equity fund, has been active in Southwest Florida, buying both distressed land as well as single-family homes as investments.
Ashley Bloom, chair of commercial brokerage firm SVN's National Land & Development Product Council, represented Colony Capital in the sale. SVN senior advisor Ron Zeigler negotiated on behalf of Mattamy in the transaction.
Earlier this year, Bloom negotiated the sale of 444 acres in Manatee County on behalf of Colony Capital to Palm Beach-based Kolter Group for $6.8 million.