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BUYER: All Seasons in Naples LLC, Farmington Hills, Mich.
SELLER: Sabal Palm Development LLC
PROPERTY: 15450 Tamiami Trail N., Naples
PRICE: $1.8 million
PREVIOUS PRICE: $6 million, August 2005
LAW FIRM ON DEED: Woods Weidenmiller & Michetti PL, Naples
PLANS, DESCRIPTION:
Farmington Hills, Mich.-based Oakland Management Corp. purchased the 8.72-acre Napoli Village site on U.S. 41 south of Sterling Oaks Boulevard for $1.8 million.
The price equated to $206,422 per acre.
The new owner is in the planning stages for the development of an “All Seasons” branded senior-housing facility on the site. Oakland Management already operates All Seasons of Rochester Hills in Michigan and has two other All Seasons facilities in Michigan under development — All Seasons of West Bloomfield and All Seasons of Birmingham.
The property is already approved for up to 225 independent or assisted-living units.
“We plan to stay within the confines of the property's existing zoning,” says Peter Odorico, vice president of acquisitions and development for Oakland Management. “We have a lot less in [our] Michigan [facilities], but we'll build what makes sense for the site. We felt that the land was a good buy; we like that location a lot. Not a lot has been built in that market for the past 10 years so there's a lot of pent-up demand.”
Oakland Management Corp. is an affiliated entity of Farmington Hills, Mich.-based Beztak Properties. Beztak Properties built a number of apartment developments before selling them as condominium conversions prior to the residential crash. The company owns a number of apartment developments in Michigan and currently has a single development under way in Florida, the Midtown Miami.
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