Naples Community Changes Hands for $67M

The seller completed a series of improvements during its ownership, including the renovation of the clubhouse and the creation of a private fitness studio.

Continental Realty Corp. has completed the sale of Aventine at Naples, a 350-unit, Class A community in Naples, Fla. Advenir Inc. acquired the property in a $67 million deal and has rebranded it as Advenir at Aventine.

Located at 9300 Marino Circle and completed in 2001, the community features a resort-style pool and spa, fitness center, indoor racquetball court, internet café and dog park. Further amenities include children’s tot lot, tennis courts, barbecue, car wash areas, garages, storage units and a wellness studio with yoga.

Upgraded community amenities

During its ownership, Continental Realty Corp. executed a comprehensive interior upgrade program and completed improvements to several community amenities. The upgrades included renovating the clubhouse, installing an outdoor kitchen and grilling area, creating a private Fitness on Demand studio and adding a 24-hour automated package pick-up room.

Hampton Beebe, executive managing director at ARA Newmark, worked on behalf of the seller in the transaction. The asset last traded in 2013, when Continental Realty Corp. purchased it form Praedium Group in a $44.3 million deal, according to Yardi Matrix.

“When we bought Aventine in 2013, Naples was beginning to see consistent employment growth, and rental rates for multifamily units were on a steep trend upwards,” stated JM Schapiro, CEO of Continental Realty Corp., in prepared remarks. “Specifically, in South Naples, there has been an absolute boom over the last 24 months, with new retail and restaurant development near Collier Boulevard and the East Trail.”

The property is situated directly off Collier Boulevard (FL Route 951) and just five minutes from Interstate 75 within close proximity to Marco Island, downtown Naples and luxury golf courses.

Images courtesy of Aventine at Naples