Naples apartment complex sells to New York investor

The Residences on 16th, a 63-unit multifamily community in Naples, has sold for $12.54 million. 

The buyer was the New York real estate investment firm Sharp Key Capital. The seller, Opus Reserve, is an Orlando LLC that according to Collier County records paid $15 million for the community in 2022.

Residences on 16th, which is at 5194 16th Place S.W., sits on 5.2 acres and is made up 16 two-story buildings. 

Out of the 63 units, 61 are two bedrooms apartments with one three-bedroom unit and one studio. The average unit size is 975 square feet. 

The commercial real estate firm Marcus & Millichap, which brokered the sale, says the property has seen some recent capital improvements with 75% of the units getting kitchen and bathroom upgrades. 

Sharp Key is a private firm founded in 2012. According to its website, it has owned and operated a portfolio totaling more than $1.6 billion in transaction volume. It owns 11 apartment communities in Florida in addition to the Residences on 16th. Of those, seven are in the Tampa Bay market. 

Marcus & Millichap’s Ned Roberts, Jason Hague and Sam Ferguson represented Opus in the sale.