Firm sells multifamily complex for $24M — one month after $48M sale
One sale was in Collier County, the other in Manatee County.
Business Observer Staff
| 3:29 p.m. November 11, 2020
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FORT MYERS — An Indiana multifamily management firm has acquired a 188-unit multifamily complex in Naples, dubbed Naples 701, for $24 million.
The property, 3531 Plantation Way, was sold in off-market transaction, according to a statement.
The buyer, through Naples SI LLC, is Carmel, Ind.-based Pedcor Homes Corp., which manages at least seven other multifamily complexes in the region, from Fort Myers through St. Pete Beach. Pedcor acquired the complex from JWC Naples 701 LLC, Collier County property records show. That LLC is connected to Fort Myers-based Preston Giuliano Capital Partners, which operates at least five other multifamily complexes in the region, according to its website. Preston Giuliano Capital Partners sold another complex, the 248-unit Tradition at Palm Aire in Manatee County, in September for $48.11 million.
Brokers Alex Henderson and Max Molloy, who specialize in the sales of multifamily communities and land for development throughout Southwest Florida Fort Myers-based Fischler Property Co, negotiated the deal, the release states. It closed Oct. 28 — 75 days after contract execution. The property was last sold in 2006 for $16.75 million, according to the Collier County Property Appraiser’s office.
Naples 701, on a lake in the Bayshore neighborhood, consists of one-bedroom units and a wide array of luxury amenities, such as two resort-style pools, sizable clubhouse, professionally inspired tennis courts, a dog park and more. Pedcor plans to immediately invest in property upgrades, the release states, including new windows, HVAC systems, countertops, appliances, flooring, fixtures and finishes.
“Naples 701 created an attractive investment opportunity, because of its irreplaceable location, high-quality-of-life, localized amenities and proximity to downtown Naples,” Henderson and Molloy say in the release. “The buyer quantified these strong attributes and recognized that this type of asset would require a competitive price point. Both the buyer and seller know they got a great deal, which is always a win in commercial real estate.”
Pedcor Homes was founded in 1997 and is a wholly owned subsidiary of International City Bank. It develops, constructs and manages commercial buildings and affordable and market-rate apartments nationwide.