Southwest FL Community Sells for $48M

KeyBank provided the buyer, Bridge Investment Group, with approximately $34 million in Freddie Mac acquisition financing for the 300-unit multifamily asset.
Waverley Place. Image via Google Street View
Waverley Place. Image via Google Street View

CAPREIT has sold Waverley Place, a 300-unit community in Naples, Fla., for $48 million, according to Yardi Matrix. Buyer Bridge Investment Group secured $34 million in Freddie Mac acquisition financing from KeyBank. The loan matures in 2026. The property last changed hands in March 2016, when CAPREIT paid The Benchmark Group $28.1 million for the community.

Located at 5300 Hemmingway Lane, the community’s 36 two-story buildings are within 3 miles of Interstate 75, approximately 8 miles from the coast. The Pine Ridge Road retail corridor is very close and a local bus stop operates just north of the asset, linking the property with central Naples.

Waverley Place contains a mix of one-, two- and three-bedroom units, with floorplans ranging from 756 to 1,008 square feet. Community amenities include a business center, a swimming pool, two soccer fields, a clubhouse, a car care center and laundry facilities. In February, the 1990-built asset was 96 percent leased, per Yardi Matrix data.

During the last 12 months, CAPREIT has sold nearly 1,150 units of its national portfolio. Recently, the company traded a 120-unit affordable, age-restricted community in Frederick, Md., for nearly $12 million.