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San Marino at Naples Sells for $35.4M

MIAMI-Taylor Ranch Ltd. bought San Marino, a luxury rental community in Southwest Florida built by Cornerstone Group Development Corp., from the partnership of San Marino LLC for $101,000 per unit. No financing was provided.

By Melissa Bogdany | Updated on February 27, 2003

MIAMI-Taylor Ranch Ltd. has purchased San Marino at Naples (FL), a luxury rental community, from the partnership of San Marino LLC for $35.38 million, or $101,000 per unit. The Venice, FL-based corporation purchased the Collier County property, which was 95% occupied at the time of the sale, with no financing. The deal closed Jan. 31.

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.

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