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Alpha-Omega buys 72 units in Reserve at Naples
BUYER: Reserve at Naples Condos LLC (principal: Spiros Zorbalas), Naples
SELLER: Bank of America NA
PROPERTY: 72 units running along the 1100 block of Reserve Way, Naples
PRICE: $3.2 million
LAW FIRM ON DEED: Stoneburner Berry Glocker Purcell & Greenhut PA, Jacksonville
PLANS, DESCRIPTION: Naples-based Alpha-Omega Cos. Inc. purchased 72 units in the 300-unit The Reserve at Naples condominium development near Pine Ridge Road for $3.2 million. The purchase price equated to $44,444 per unit.
The units were vacant and were never sold by the original condominium converter. Alpha-Omega was an all cash buyer.
Alpha-Omega Cos. is a consortium housing the companies of investor Spiros Zorbalas. He is best known for his development company Real Estate Development, which owns properties in Minnesota, Florida and Indiana. Zorbalas' past Naples projects include the condominium project Villas Avenida, town home development Casa Bella and the five-star hotel on Fifth Avenue The Escalante.
Jonathan Richards and Ann Bailey of CB Richard Ellis, Fort Myers/Naples represented the seller. The two are saying that this transaction is the only fractured condo sale so far in 2009 in Southwest Florida.
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