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Business Observer Friday, Oct. 6, 2017 1 year ago

New York firm buys Amberton townhomes

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Affiliates of Airmont, N.Y.-based The Embassy Group LLC have paid $67 million for a collection of townhome rentals in Naples, according to Collier County property records.
by: Kevin McQuaid Commercial Real Estate Editor

Affiliates of Airmont, N.Y.-based The Embassy Group LLC have paid $67 million for a collection of townhome rentals in Naples, according to Collier County property records.

TEG Amberton LLC and four other entities acquired the 306-unit Amberton Luxury Townhomes on Sept. 26, records show.

The deal marks the first for Embassy Group in Florida and its first purchase of any asset since 2009, according to its website. The company's other holdings are in North Carolina, Indiana, Tennessee, Alabama and Georgia, according to its website.

“At The Embassy Group, we primarily focus on Class B Apartments (20-30 years old) since these apartment properties offer substantial returns with a stable tenancy base and a realistic potential for rental upside,” the company's website says.

David Willner, an Embassy Group principal, could not be reached for comment on the Amberton purchase, which ranks as one of the largest multifamily rental deals in Southwest Florida in 2017.

The community had been owned since its completion in 2007 by Amzak Capital Management, of Boca Raton.

The 8067 Dream Catcher Circle complex was 92% occupied at the time of the purchase.

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