JBM® Sells Alvista Golden Gate Apartments – Naples, Florida
NAPLES, Fla., Oct. 27, 2022 /PRNewswire/ — JBM® Institutional Multifamily Advisors sells Alvista Golden Gate – again – for the fourth time. Located in the highly sought-after Naples market, the 200-unit property presents a tremendous proven value-add opportunity. Consisting of one and two-bedroom floorplans averaging 976 square feet, classic units make up just over half of the total unit mix.
JBM® Chairman & CEO, Jamie May, comments, “Though the name of the property has changed throughout the years, the fundamentals of a great physical plant and continued rental growth remains the same. In this case, the Property benefited tremendously from strong in-place loan terms, which made an assumption scenario critical to getting the deal done. Closing deals during this ever-changing interest rate environment can be trying; however, selecting strong buyers and focusing on the finish line has always proven to be a winning formula. Congratulations to all involved!”
About the Property
The property sits on a 17.3 acre +/- site providing a very low density of only 11.56 units per acre.
Amenities include a resort-style, heated swimming pool with an expansive sun deck and pool-side patio surrounded by tropical landscaping, two lake-front wooden decks, community clubhouse with a lounge and full kitchen, car care center, dog park, and a barbecue/picnic area.
Apartment amenities include fully equipped kitchens, private screened-in balconies/patios with storage closets, full size washer/dryer in all units, vaulted ceilings in second floor units, and wood-inspired vinyl floors.
The property presents a tremendous, proven value-add opportunity with 103 remaining classic units, or 51.5% of the total unit mix.