Argentinean investors buy River Park Apartments

BUYER: Giga Apartments LLC (principals: Cesar and Daniel Halpern and Zulema De Halpern), Miami

SELLER: River Park Naples Limited Partnership

PROPERTY: 330 11th St. N. and 1015 Second Ave. N., Naples

PRICE: $2.2 million

PREVIOUS PRICE: $1.27 million, November 1998

LAW FIRM ON DEED: Michael A. Schroeder PL, Boca Raton

PLANS, DESCRIPTION: Argentinean investors purchased the 104-unit River Park Apartments for $2.2 million.

The price equated to $21,154 per unit.Built in 1960, the complex features nine two-story buildings with a total of 56,435 rentable square feet. The property was 85% occupied at the time of the sale.

A Miami-area limited liability company, managed by three people from Buenos Aires, Argentina, purchased the property in short sale from a court-appointed receiver.

Jim Garinger of Colliers International Southwest Florida and John Stone and Jason Stanton of Colliers International Tampa Bay represented the seller. Grand Beach Realty Inc. represented the buyers.

The complex is adjacent to the 96-unit Gordon River Apartments, which Garinger, Stone and Stanton also recently sold.

“During our marketing of [this property and Gordon River Apartments], we saw an increased appetite for value-priced multifamily and broken condominium projects from buyers,” Garinger says in a press release. “This trend is creating a competitive environment for sellers of these property types.”

He says the property will require the new owners to make up for some deferred maintenance. Garinger also says southwest Florida has been seeing particularly heavy interest from foreign investors, particularly from South American buyers.