Boston area investors buy Naples apartment community for $21.5M

A Massachusetts investor has bought a Naples apartment community and plans to turn about half the units into condominiums.

Jade at Olde Naples at 1015 Second Ave. N. was sold to Tidegate Capital, which is based on Cape Cod in Duxbury, south of Boston. Collier County property records show it paid $21.25 million for the 104-unit community.

The seller was a Connecticut investor that paid $12.3 million in 2016.

Tidegate says on its website that it plans to implement a value-add program that includes converting 50 units into condominiums. These units, the company says, are meant to offer “potential buyers the most reasonably priced opportunity to be a homeowner” in Naples.

The community is about three blocks from the city’s swank 5th Avenue shopping district and in the Naples Design District.

“The Naples market has been a stable, high-end market for decades and continues to flourish as more people move to the area,” Tidegate says of the area.

Tidegate owns several other multifamily communities in Florida, including two in St. Petersburg: Monterey at Snell Island and the Vinoy Park Apartments.