MIAMI—Aventine at Naples, a 350-unit multifamily property, has traded for $44.25 million. The Praedium Group and Greystar Real Estate Partners purchased asset in 2010 for $22 million. The buyer was Continental Realty.
"When we initially acquired this class A, award-winning asset in 2010 out of foreclosure, the occupancy rate was suffering,” says David Dowell, director at Praedium. “We recognized the potential in this asset and its location. We implemented a renovation plan to turnaround this property, completing $4.3 million of capital improvements, which included a full re-skin.”
Completing the capital improvement program and enhancing the operations of the multifamily property dramatically improved the quality of the asset. Occupancy increased from 55% at acquisition to 96% at disposition.
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