Investment firm buys Naples apartment community

A 242-unit apartment community in Naples has sold. 

The buyer is the suburban Boston real estate firm Northland Investment Corp. 

The deal for the property at 4705 Altis Drive, just off Santa Barbara Boulevard, was announced by CBRE. It did not disclose a sale price and Collier County property records have not been updated. 

The seller, and CBRE’s client, is Fort Lauderdale-based real estate firm Altman. It paid $10.5 million for the property in 2022 and built the community in 2024. 

According to a post on Northland’s Facebook page and the property’s website, the community is named The Palmeri Residences, though CBRE calls it Altis Santa Barbara in its statement. 

The community is made up of seven three- and five-story buildings and includes one-, two- and three-bedroom units ranging in size from 812 square feet to 1,660 square feet. 

Rental rates are not posted on the website. 

Among its features are nine-foot ceilings and car charging stations. 

CBRE’s Robert Given, Neal Victor and Chris Smiles represented Altman. Tracy Kennedy, Tony Stein and Ryan Hall assisted with debt financing for the transaction.