(To read more on the multifamily market, click here.)
NAPLES, FL-Signature Communities has acquired the 147-roomVanderbilt Inn at 11000 Gulf Shore Dr. for $71.67 million withplans to tear down the hotel. In its place, the locally basedcompany will build a 72-unit condominium development called theMoraya Bay Beach Tower.
Rick Tannenbaum, managing director of advisory services in CohenFinancial's Chicago office, provided strategic advisory services tothe seller, Vanderbilt Beach Associates Ltd. The sale closed in thesecond quarter. Cohen's relationship with Vanderbilt began in 1999when the company was hired to evaluate the property and proposestrategic and financial alternatives.
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