Naples 701
Preston Giuliano Capital Partners Selected Cushman & Wakefield’s South Florida Institutional Multifamily Team to Sell its Value-Add, 188-Unit Multifamily Garden Asset
Cushman & Wakefield announced today that it has been named exclusive advisor in the disposition of Naples 701, a 188-unit garden product in Naples, FL.
Cushman & Wakefield’s South Florida Institutional Multifamily Team of Vice Chairman Robert Given, Executive Managing Director Zachary Sackley, Senior Managing Director Troy Ballard, Director Neal Victor and Financial Analyst Aaron Mandel have been chosen to market the asset for Preston Giuliano Capital Partners. The asset will go to market unpriced.
Naples 701 is a two-story, 188-unit multifamily garden product developed on an 11.81-acre site at 3531 Plantation Way. The property was previously planned as a condominium conversion before Preston Giuliano re-assembled the units and reverted it back to an apartment community and collapsed the HOA in March 2016.
The property is currently 97 percent occupied and is achieving an average market rent of $883, or $1.91 per square foot. Recent leases are being written at $1,135 per month.
The interior finishes of the units at Naples 701 include white cabinets with granite countertops, plank-style vinyl flooring, and GE white appliances. Kitchens have a double-wide undermount sink and a white Frigidaire refrigerator, Naples 701 offers a full amenity package, including two resort-style pools, a tennis court, 24-hour fitness center, barbecue and picnic areas, and a dog park area.
Naples 701 is ideally located two miles southeast of Downtown Naples. The property has convenient access to a wide selection of retail with 4.2 million square feet of retail in a 2.5 mile radius, with various dining and entertainment options available along the Tamiami Trail. The property’s location offers residents an easy commute to the region’s major employers in Naples, Estero, Bonita Springs and Fort Myers via its access to major transportation thoroughfares such as Interstate 75 and the Tamiami Trail.
The immediate area near Naples 701 has seen the development of single-family home communities, such as Isles of Collier Preserve, which are selling for over $1 million. Naples Botanical Garden underwent a $15 million expansion, adding a new visitor center in 2014. Fifth on Fifth is a new mixed-use development currently under construction that will feature retail and luxury condominium residences.
“Naples 701 is positioned to benefit from the strong fundamentals anticipated for the area as well as the ability to further enhance cash flow by continuing an in-unit renovation program,” said Sackley. “The property has experienced double-digit rent increases on some of their most recent leases.”
“The Naples market has seen a tremendous renaissance over the last few years with some of the strongest occupancy and rent growth trends in the Southeast United States,” added Given. “The lack of quality product, demand for rentals and centralized location make Naples 701 a compelling investment opportunity.”
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