Florida Community Changes Hands for 4th Time
JBM Institutional Multifamily Advisors brokered the sale of the Naples development.
Alvista Golden Gate. Image courtesy of JBM
For the fourth time since its completion, Alvista Golden Gate, a 200-unit community in Naples, Fla., has sold. JBM Institutional Multifamily Advisors brokered the deal.
Dolben Co. purchased the property for $62 million from Phoenix Realty Group, according to Yardi Matrix data. In 2018, Phoenix Realty Group acquired Alvista Golden Gate from RAIT Financial Trust for $34.7 million. Huron Partners sold the asset to RAIT Financial Trust in 2002 for $13.8 million.
Alvista Golden Gate features one- and two-bedroom apartments, which average of 976 square feet. Located at 1600 Wellesley Circle, the community is situated on some 17.3 acres with a unit density of 11.56 homes per acre.
The asset is 94 percent occupied, as indicated by Yardi Matrix data.
Community amenities include a swimming pool, sun deck, clubhouse, dog park and picnic area. Individual units feature in-home washers and dryers, storage closets and screened-in patio and balcony options.
The property is across the street from the Golden Gate Community Park. Residents have access to the greater Southwest Florida area through the Golden Gate Parkway 1 mile from the community.
Florida’s housing market is booming, with the state ranking second behind Texas in population growth. Since March 2020, rents in Naples have increased 48.9 percent.
