- April 15, 2024
-
-
Loading
Loading
BUYER: Naples Multifamily DST (Naples Multifamily Exchange LLC and The Corporation Trust Co.), Oak Brook, Ill.
SELLER: Benchmark Berkshire Associates Limited Partnership
PROPERTY: 3539 Winifred Row, Naples
PRICE: $15.9 million
PREVIOUS PRICE: $12.68 million, June 2003
LAW FIRM ON DEED: McGee & Gelman, Buffalo, N.Y.
PLANS, DESCRIPTION: Inland Real Estate Acquisitions Inc. purchased the Berkshire Reserve Townhomes, a 146-unit residential development in Naples for $15.9 million.
The price equated to $108,904 per unit.
Constructed in 2001, the rental property features three-bedroom, two-and-a-half-bathroom townhomes. The development was 93% occupied at the time of the sale.
“The townhomes are around 25 minutes from the city center and the beaches, providing a perfect mix of quality-of-life and access to the attractions and amenities that have made Naples a prime draw for tourism,” Mark Cosenza, vice president of Inland Real Estate Acquisitions, says in a press release.
Amenities include lake views, covered parking, a playground and a swimming pool and sundeck. The community is also adjacent to the Collier Country Fitness and Aquatic Center.
Inland Real Estate Acquisitions Inc. buys properties for the various entities of The Inland Real Estate Group of Cos. Inc. As of March 31, Inland-sponsored companies owned and managed more than 88.2 million square feet of commercial real estate in 48 states, as well as managed assets in excess of $20.8 billion.
The community will likely be held by Inland Private Capital Corp., which sells securities to investors. It helps people needing replacement properties for a 1031-tax deferred real estate exchange.
Purchase entity Naples Multifamily DST mortgaged the property to Parkway Bank and Trust Co. for $10.18 million.
