Multifamily workforce housing property has value add potential for investor
NAPLES, Florida — Franklin Street announced it has successfully brokered the sale of the Wild Pines of Naples in Naples, Florida. Franklin Street represented the buyer—Interface Properties—and the seller—JSB Capital—in the sale. The 200-unit community has a history of high occupancy with multiple phases, a conventional market-rate phase and an affordable phase with income/rent restrictions that was developed with Low-Income Housing Tax Credits.
“Wild Pines is a unique piece of real estate in a great Naples location just outside downtown,” Darron Kattan, managing director multifamily investments sales, Franklin Street, said. “Essentially a covered land play, the in-place debt will provide the buyer with solid cash flow during the time when the affordable restrictions are still in place and a pop in value when those restrictions are unlocked in approximately seven years.”
Wild Pines was originally built in 1968 and added onto in 1986 and 2001. It has onsite amenities including a clubhouse, two swimming pools, a fitness center, picnic areas and two laundry rooms. Avery Jordan, senior director multifamily investment sales for Franklin Street added perspective to the complexity of the deal given the macroeconomic issues impacting Collier County.
“The sale of Wild Pines demonstrates there is strong investor demand for well-located assets with unique value-add potential,” Avery Jordan, senior director multifamily investment sales, Franklin Street, said. “Collier County is underserved with attainable and affordable housing, and properties in infill locations are renting at a premium. Navigating the existing affordability restrictions and structuring a loan assumption with a supplemental was key to unlocking this transaction.”
Assisting Kattan and Jordan on the transaction were Mark Savarese, director, Cary Brown, senior associate, and Eve Lowry, associate. Wild Pines is located near downtown Naples, Naples Beach, Naples Pier, and Naples Airport.
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