The community is located one and a half miles south of Interstate 75 on Collier Boulevard. It was built by Cornerstone Group Development Corp., which began construction in April 2000. The project was completed in July 2001.
The community contains 355 units in 17 buildings on 38.5 acres with a campus-like environment. The units consist of one-, two- and three-bedroom plans.
The Miami office of the CB Richard Ellis Multi-housing Group represented the developer, the Lou Fabrizio and Don Ianitelli of Primerica Group One Inc. helped facilitate the transaction. Cornerstone Group. Jay H. Massirman, Denny St. Romain and Charles Crapse, who led the CBRE team, say the property was an attractive investment opportunity, partly due to its large units, high-end finishes and highly visible site.
"This transaction is further proof of Naples' attractiveness as a long-term investment market," Crapse states. "Institutional and large private investment groups continue to be drawn to Naples due to its strong job growth and diversifying economy."
San Marino was Cornerstone's first luxury community in that area and is a representation of the developer's strategy of offering luxury apartment living at affordable rental rates. To that end, Cornerstone co-chairman Jorge Lopez considers the community a class A property.
The community features such upscale amenities as a business center, resort-style concierge services and a clubhouse with a fitness center. The community also features attached garages.
Ten-year-old The Cornerstone Group, based in Coral Gables, FL, has developed more than 15,000 multifamily rentals and condominium units in Florida.
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