Naples apartments sell to South Florida investor

Interface Properties, a Boca Raton development, acquisition and management company, has bought the Wild Pines apartments in Naples.

The firm did not disclose the sale price and Collier County property records did not immediately reflect what it sold for. Berkadia, however, says it provided the acquisition financing with a pair of loans totaling $26.62 million.

The first was the assumption of a $20.62 million senior loan and the second a $6 million supplemental loan through Freddie Mac.

Both are fixed-rate loans with a 10-year term.

The previous owner, according to county records, was three LLCs, all of which share a Baltimore address in state records with JSB Capital Group. It paid $23.35 million for the community in 2020.

Wild Pines is at 2850 Wild Pines Lane between Tamiami Trail and Airport-Pulling Road. It is about five minutes from downtown Naples.

It has 200 units, of which 100 are income-restricted affordable units.

The property, according to Berkadia which announced the sale and arranged the financing, was built in multiple phases between 1985 and 2001, though 10% of the units were built in 1968.

The property is made up of two-story garden-style apartments with both market rate and affordable units. Interface plans to make several improvements to the property, including laundry and gym enhancements, amenity upgrades, improved landscaping and the addition of a dog park.

Interface was founded in 1990 and, according to its website, invests in retail, multifamily, office and industrial properties. Its online portfolio shows developments in 24 states, including several in Florida.

Berkadia’s Mitch Sinberg, Michael Basinski, Scott Wadler, Brad Williamson and Matt Robbins worked on the financing package.