BUYER: Naples Laurel LLC, West Springfield, Maine
SELLER: Bear Creek of Naples Ltd.
PROPERTY: 2367 Bear Creek Lane also known as 6767 Airport Road N., Naples
PRICE: $6.96 million
PREVIOUS PRICE: $728,000, October 1993
LAW FIRM ON DEED: Macfarlane Ferguson & McMullen, Clearwater
PLANS, DESCRIPTION: West Springfield, Mass.-based apartment company Aspen Square Management Inc. purchased the 120-unit Bear Creek Apartments community for $6.96 million.
The price equated to $58,000 per unit.
The 129,051-square-foot property was constructed in 1994 under the Section 42 low-income housing tax credit program, which requires that tenants have an annual income less than 60% of the area median income. The development features 10 three-story buildings and units averaging 969 square feet.
Jonathan Richards, CRE Consultants' vice president of Florida multi-housing, represented the seller.
The per-unit price was the highest ever transacted in Collier County for an income-restricted rental community, according to Richards.
“Despite the income and rent restrictions, the combination of the property's outstanding location, excellent condition, and below-market rents provides substantial, long-term upside for the new owners,” Richards says in a press release. “In addition, because Collier County has a very high median income, Bear Creek will continue to have a larger pool of potential income-qualified tenants.”
Even at the record-setting per-unit price, the purchase was vastly lower than the $120,000 per-unit estimated replacement cost (land, hard and soft costs and impact fees).
Amenities include a remodeled clubhouse, pool and sundeck, fitness center, on-site laundry facilities, playground and picnic areas.
Aspen Square Management owns Cypress Winds in Bradenton, Lakes of Tuscana in Port Charlotte, Madison at Largo, Meadow Lakes and Somerset Palms in Naples and Toledo Club in North Port.
The purchase entity mortgaged the property to Lenox Financial Services LLC for $6.96 million.