- November 6, 2025
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Apartment complex sells to New York firm
The Residences on 16th, a 63-unit multifamily community in Naples, has sold for $12.54 million. The buyer is 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, 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.
RV park sells for more than $8 million
Lakes Parks RV in Fort Myers has sold. The recreational vehicle park was bought by a local investor for $8.2 million. The seller is an Orlando LLC named Lakes Park RV. It bought the property in 2018. The deed for the sale that was recorded Sept. 7, 2018, though Lee County property records does not show a sale price. There was a $3.5 million mortgage in the LLC’s name recorded the same date. The park is located at 14600 S. Tamiami Trail just north of Gladiolus Drive. According to its website, it is next to Lakes Regional Park, “providing direct access to miles of picturesque trails perfect for biking, hiking and bird watching.” Among its amenities are 30- and 50-amp electric hookups and water and sewer connections as well as laundry facilities. LSI Cos. Alex Henderson, Max Molloy and Sawyer Gregory brokered the deal.
Plans to be submitted for $120 million tower
Reza Yazdani, a developer behind the 67-acre Marina Bay gated community along the Pinellas Bayway, will submit plans with St. Petersburg’s Development Review Commission this month for a 12-story luxury condominium tower. The $120 million project will include 96 residences with water views and two stories of parking. According to a statement announcing the project, the building will have concierge and valet services as well as an outdoor rooftop area with views of Boca Ciega Bay and the Gulf beaches. Plans call for it to be bordered by fountains and lighting, and a new pond will connect it to 15 acres of lakes in the community. Keeping with the connection to the community, the 250-space garage will include 100 spaces for Marina Bay residents to use during hurricanes and by a separately owned assisted living facility and nursing home next door. The statement says once the city approves the plans for Marina Bay Residence, as it will be called, the groundbreaking will take place in spring 2026 with construction completed in spring 2028.
Brokerage closes deals totaling nearly 270 acres, $21 million
Eshenbaugh Land Co. had a good week. The Tampa land-focused commercial real estate firm says it closed five land transactions totaling $21 million across the state in the past week. They range from a large-scale residential development to RV storage and commercial pads. (The firm says it cannot disclose the buyers or sellers.) Here are the deals:
Hyundai dealership buys former pickleball property for future expansion
A piece of land once set aside for a pickleball facility has sold. The buyer: It’s neighbor. The suburban Atlanta-based Krause Auto Group, which owns Hyundai of Venice, has bought a 6.86-acre vacant lot that The Pickleball Club had planned to build on, says Loyd Robbins of Loyd Robbins & Co. The property is at 0 Times Circle in Venice, adjacent to the Hyundai store and off of Jacaranda Boulevard just north of Venice Avenue. The Sarasota commercial real estate firm says the dealer paid $2.7 million for it. Sarasota County records show The Pickleball Club, which had planned to open 18 centers across Florida before closing in December, paid $2.8 for the property in 2023. According to Loyd Robbins & Co., Krause bought the land with growth in mind. While there are no exact plans for now, “they just figured they would need to expand eventually and that is the last lot available at Jacaranda that would work for them.” Georgia-based Krause owns 31 stores across five states. It has eight dealerships in Florida, including the Hyundai store and Volvo Cars Fort Myers, Nissan of Fort Myers, Nissan of Cape Coral, Fort Myers Genesis and Nissan of Venice. Robbins listed the property and Terry Purdy of Merritt Realty was the selling agent.
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