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NAPLES, FL-Benchmark Group of Amherst, NY, has purchased Berkshire Reserve Apartments in the city of Naples in Southwest Florida for $12.67 million, or about $86,823 per unit. Cincinnati-based Glacid Properties was the seller of the 146-unit, B-plus-grade apartment complex. It sold at an 8% capitalization rate on pro forma.

The two-story, garden-style town home property consists of 37 buildings around a lake with a lighted fountain. The property, located at 3536 Winifred Row Lane, includes 11.53 acres and was 89% occupied at the time of the closing.

All of the property’s units are two-story town homes containing 1,300 sf. The units have two bedrooms, a den, two full baths with tub and shower combinations, a half bath, cathedral ceilings, concrete patios with privacy fences, and full-size washers and dryers. On site amenities include a community pool with sundecks. The property also has 295 surface parking spaces; 146 of them are covered.

The complex was well-received in the marketplace and drew more than 28 offers in one day, according to Naples-based JBM Realty Advisors.

The property is “well-positioned,” with a park across the street, according to Trish Barton of JBM Realty Advisors, the large multi-family brokerage that handled the sale. Golden Gate Community Park provides extra amenities such as baseball and softball fields, tennis, racquetball, shuffleboard and basketball courts and a soccer/football field. Other amenities include a playground, a paved fitness trail, a remote-controlled car track, a heated pool, a children’s heated activity pool, two slides and a fitness center.

The sale price was a good one, Barton says, because of the existing note. Benchmark Group assumed an existing $10.291 million HUD 221 (D4) mortgage at 7.52% with a maturity date of December 2040. Jamie B. May, chairman & CEO, and Barton, managing director, of JBM Realty Advisors, represented both Benchmark Group and Glacid Properties in the transaction.

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