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!"
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.
The Naples MSA is ranked #1 in the U.S.A. for year-over-year rent growth at 36.6%. The Property is located across the street from the Golden Gate Community Park and is just one mile from the Golden Gate Parkway/Interstate-75 interchange, providing residents with exceptional connectivity throughout Southwest Florida. Naples is one of the wealthiest cities in the country with the second highest number of millionaires per capita and the sixth highest per capita income.
JBM® is the #1 ranked boutique brokerage firm in the U.S.A. and has dominated the Southwest Florida market for the last 20+ years – with a greater than 70% market share. Despite only transacting in Florida, JBM® ranks #1 for Highest Average Sold Price and the #12 multifamily broker by sales volume throughout the U.S.A.
SOURCE JBM Institutional Multifamily Advisors
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