NAPLES, FL-Haveland LLC has purchased Cricket Lake apartments, a 23-year-old, class B rental complex at 701 Cricket Lake Dr. with an eye toward for condo conversion. The seller was Baltimore-based Continental Realty Corp.
Cricket Lake consists of six two-story buildings containing 188 units on an 11.8-acre land parcel. The units are primarily one-bedroom layouts, and the average size is 496 sf. When the property went to market, it was 94% occupied and the average rental rates were about $600 a month.
Jamie May, chairman and CEO of locally based JBM Realty Advisors, negotiated the transaction on Continental's behalf. He declined to disclose the price. The location, less than two miles from Downtown and the beach, he says, were the chief attractions in a market in which multifamily sales and prices are rising significantly.
Haveland, based in Stamford, CT, is a newly formed private real estate investment, development and management company headed by Philip Restifo. According to published reports, at the time Haveland was formed, in April 2005, it was capitalized to acquire up to $300 million in properties, and multifamily assets in South Florida were among its targets.
The selling prices for two recent multifamily sales in the Naples market ranged between $125,000 a unit for Summer Wind and $175,439 a unit for Fountain View. Both traded in November 2005, and, on condition of anonymity, a broker familiar with the Southwest Florida multifamily market tells GlobeSt.com that the Cricket Lake sale probably fell within this range.
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