NAPLES, FL—Aventine at Naples, a 350-unit luxury multifamily complex in Naples, has a new owner. Continental Realty Corporation purchased the asset for $43.25 million.

ARA South Florida-based principals Hampton Beebe, Avery Klann, and Dick Donnellan represented the buyer, New York, NY-based Praedium Group. Aventine at Naples was built in 2002 and is 93% occupied. The multifamily complex offers fewer than nine units per acre and is designed around mature landscaping and two onsite lakes.  

“Current ownership has injected nearly $4 million over the past three years to renovate the property, resulting in healthy occupancy and rent increases,” says Beebe. “As a result, Aventine at Naples has been achieving dramatic increases in effective rents for the last three months.”

Located on the southwest coast of Florida, Naples one of the most affluent areas in the state. Smithsonian Magazine named it the ninth best small town in America in 2012. Naples is the top job growth market in the country.

According to Axiometrics, out of the 90 largest MSAs, the Naples market has the highest projected job growth rate of any market in 2013 (3.6%), 2014 (4.8%) and 2015 (4%). With an average annual projected job growth of 4.1% over the next three years, Naples is ranked first out of 90 MSAs in the United States for future employment growth by Axiometrics.

“We fielded significant tour interest on the asset, with close to 200 investors executing a CA,” says Beebe. ARA received 18 offers on the asset during the marketing process.