5,500 acres primed for residential development hit market for $58M

Naples/Fort Myers

No sleep till Brooklyn: A trio of LLCs with ties to a Brooklyn, New York real estate investor has bought The Pearl at Founders Square apartment complex in Naples. It paid $125.1 million for the 400-unit development just off Collier Boulevard. The complex, when it went on sale in May, was described as a luxury development made up of five, four-story concrete block, elevator serviced buildings which included a more-than 20,000-square-foot square two-story clubhouse with gourmet demonstration kitchen, lounge areas and private offices. The annual income for the average tenant was about $241,000. The buyers all share a Brooklyn address with the real estate investment firm Beitel Group. The firm’s CEO, Ben Beitel, is listed as the LLCs' manager in state records.

Land grab: A 5,500-acre piece of land has hit the market in Collier County. Gopher Ridge is just north of Immokalee, and immediately northwest of the Immokalee Airport. It is in the heart of county’s fruit and vegetable farmland. According to the listing brokers, SVN Saunders Ralston Dantzler, the property, which has historically produced high-yielding round oranges for juice production, is primed for “future residential development with 1,763 acres with a (future land use) of 4-8 units per acre and large acreage land banking.” The asking price for Gopher Ridge: $57.8 million.