NAPLES, FL-Las Vegas-based North American Asset Management Group LLC has acquired Ibis Club Apartments, at 8210 Ibis Club Way, for nearly $29.5 million with plans to take it condo. Boca Raton-based Rich Properties was the seller of the 134-unit, garden-style multifamily complex.
Jamie May, chairman and CEO of JBM Realty Advisors, says the $220,000-per-unit price tag "is the third highest priced condo conversion sale ever recorded in Southwest Florida." He and Barton Mercer, a JBM director, represented the seller and brought the parties together. "There was no asking price," May tells GlobeSt.com. "We set a 30-day deadline and let the market determine the price."
The complex is located on a 14.7-acre site just west of the intersection of Radio Road and Davis Boulevard that includes numerous amenities and a two-acre lake. It was built in 2001 and consists of nine concrete-block, two-story buildings and a 2,206-sf, single-story clubhouse. May says the units average 1,060 sf and the complex was 100% leased at the close of the sale.
"The Naples multifamily market is booming," according to May, who says, "it is the second fastest-growing metropolitan area in the country." JBM, which has offices here and in Miami, also brokered the sale of Malibu Lakes here in November 2005 for $233,146 a unit, "a record-breaking price," May says, as well as two additional Naples properties: Fountain View in November 2005 and Cricket Lake, a class B asset, in February.
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