DC investor buys 216-unit Naples apartment community for $40.9M

A Naples apartment complex has sold and the new owner is planning to spend $7 million on improvements. 

The 216-unit community is the Oasis Naples at 2277 Arbour Walk Circle just off Airport-Pulling Road. 

Suburban Washington, D.C., real estate investor Excelsa Properties is the buyer. The firm would not disclose the sale price but a copy of the deed in Collier County records shows it paid $40.92 million. 

The garden-style community is made up of 18 two-story buildings and includes a “resort-style amenities package” with a pool and fitness center. 

The community’s website shows its units range from 762-square-foot one bedrooms starting at $1,700 per month to 1,012-square-foot two bedrooms starting at $1,925 per month. 

Oasis Naples was built in 1992 and Excelsa says while its been well-maintained there have been minimal upgrades to the units. 

The company did not detail the work it will do but says the $7 million in capital investments will “enhance the asset’s appeal and performance.” 

This was the Bethesda, Maryland-based firm's second purchase in Florida in the past year. 

The other was the $61.58 million purchase of The Drake, a 477-unit apartment complex at 1699 68th St. N., St. Petersburg, in July 2024. 

Excelsa Properties is a real estate asset manager with a focus on multifamily investments. It was founded in 2013 and has acquired more than $750 million in assets.