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Franklin Street Closes $19.5 Million Apartment Sale in Naples, Florida

Wild Pines of Naples Florida 457x296
Published: Oct 25, 2018
Franklin Street negotiated the sale of Wild Pines of Naples Apartments Phase I and II in the city of Naples, an affluent community in Southwest Florida, for $19.5 million. The 200-unit multifamily property is located at 2580 Wild Pines Lane in Collier County. New York-based Axonic Capital acquired the property from a local family that had owned the property for 25+ years. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa represented both parties in the transaction.

“Wild Pines is a well-located rental complex that had never been offered for sale before,” said Kattan, managing director of multifamily investment sales at Franklin Street’s Tampa office.  “This was a very rare and unique opportunity to acquire a partial affordably restricted community that is the closest 200-unit property to the dynamic downtown Naples area.  We continue to see strong buyer demand for true value-add opportunities. Axonic will implement a significant amount of improvements, physically and operationally, to increase the cash flow and value of the property in the long run.  Wild Pines attracted competitive offers from multiple investors in a short timeframe.”

“This opportunity fits in perfectly with our current holdings and we believe Naples has some of the strongest fundamentals in the Florida apartment market,” said Jonathan Shechtman, managing principal at Axonic Properties, LLC.

Wild Pines amenities include two pools and a fitness center. The property offers convenient access to the Collier County Government Center, Naples Community Hospital, Naples Airport, county bus transportation, downtown shopping, fine dining, and local beaches.  The property was built in phases with the original units being built in the 1960s, a second portion built in the 1980s and the remaining units being built in the 1990s.   

Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger have over 60 years of combined experience with multifamily real estate in the Tampa Bay Region. 

About Franklin Street: Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.
 
Read article on Blau Journal at: https://www.blaujournal.com/franklin-street-closes-19-5-million-apartment-sale-in-naples-florida/
Credit:
Source: Blau Journal
URL: https://www.blaujournal.com/