GMF Capital Acquires South Florida Community for $25M
- Nov 11, 2020
Axonic Properties has sold Wild Pines, a 200-unit, garden-style community in Naples, Fla., for $25.3 million. Franklin Street represented both the seller and the buyer, GMF Capital.
Built in phases between the 1960s and the 1990s, Wild Pines comprises one-bedroom units averaging 600 square feet. Of the community’s 200 units, 104 are rent/income-restricted apartments. Common-area amenities include a business center, gym, laundry facilities, two swimming pools and several picnic areas. The property also has 200 parking spaces.
Located at 2580 Wild Pines Lane, on roughly 11 acres, the 19-building community is within 2 miles of downtown Naples and within 2 miles of Naples Airport.
Franklin Street’s brokerage team included Darron Kattan, Zach Ames, Kevin Kelleher, Avery Jordan, and Mark Savarese. In October 2019, the same team arranged the sale of Eden Pointe Apartments, a 270-unit affordable community in Bradenton, Fla. Deancurt Realty Group purchased the Class A property for $30.8 million from The Reliant Group.