NAPLES, FL—Aventine at Naples, a 350-unit luxury multifamily complex in Naples, has a new owner. Continental Realty Corporation purchased the asset for $43.25 million.
ARA South Florida-based principals Hampton Beebe, Avery Klann, and Dick Donnellan represented the buyer, New York, NY-based Praedium Group. Aventine at Naples was built in 2002 and is 93% occupied. The multifamily complex offers fewer than nine units per acre and is designed around mature landscaping and two onsite lakes.
“Current ownership has injected nearly $4 million over the past three years to renovate the property, resulting in healthy occupancy and rent increases,” says Beebe. “As a result, Aventine at Naples has been achieving dramatic increases in effective rents for the last three months.”
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