Advenir Scores $52M for FL Luxury Apartments
- Jul 25, 2017
Advenir secured a $52.2 million acquisition loan for Aventine at Naples, a luxury community located in Naples, Fla. The fixed-rate loan through Freddie Mac included partial interest only for a seven-year term. Berkadia’s South Florida team of Charles Foschini and Chris Apone arranged the financing on behalf of Advenir.
“Freddie Mac continues to evolve as a very forward-thinking lender,” said Foschini. “Although Aventine at Naples is fairly new (built in 2002), the borrower saw inefficiencies in the asset’s construction and viewed it as a ‘value-add’ opportunity. We were able to work with Freddie Mac to allow this property to qualify for the ‘green rewards’ program, which provides favorable financing terms for energy-saving retrofits. The improvements the borrower intends to make both aesthetically and environmentally to the asset will result in an exceptional investment for the borrower and an improved living experience for the residents.”
Luxury in Naples
Located at 9300 Marino Circle, the community features 350 units of one-, two- and three-bedroom floorplans. Ranging from 826 to 1,370 square feet, the property was 89 percent occupied at the time of sale with rent prices ranging from $1,146 to $1,595. Interiors include granite countertops, vinyl flooring, vaulted ceilings, oversized closets, washer/dryers and private balcony/patios. The community spans across 17 two- and three-story buildings with amenities such as a waterscape, fitness center, tennis court, playground, spa, business center, basketball court, wellness studio, dog park, car wash, internet cafe, swimming pool and 350 parking spaces with detached garages available for an additional fee.
“Naples, like many other Florida cities, has seen strong job growth and a much more diverse employment base than in the past,” Foschini told Multi-Housing News. “The planned upgrades should allow both excellent rent growth and a better community for a high quality residence experience.”
Avenine at Naples in located 20 minutes from the Florida coastline and offers close access to several golf clubs and the Pelican Isle Yacht Club. Advenir purchases assets in Colorado, Texas and Florida, with the most recent being the purchase of The Villages of Addison in Dallas, a 264-unit, garden-style community.
Image courtesy of Berkadia