Investor buys Naples Place, plans improvements

BUYER: Oceans 52 LLC (principal: Laura Biggins), Jupiter

SELLER: SA Challenger Inc.

PROPERTY: 4066 Bayshore Drive, Naples

PRICE: $1.1 million

PREVIOUS PRICE: $2.84 million, March 2011

LAW FIRM ON DEED: Lowndes Drosdick Doster Kantor & Reed PA, Orlando

PLANS, DESCRIPTION: Laura Biggins of Jupiter purchased the 52-unit Naples Place apartment complex on Bayshore Drive between U.S. 41 and Thomasson Drive for $1.1 million.

The price equated to $21,154 per unit and to a payoff ratio (capitalization rate) based on current income of 13.9%.

Gary Tasman and Shawn Stoneburner of Commercial Property Southwest Florida LLC, a Cushman and Wakefield alliance member, handled the transaction.

Tasman describes the property as a class C or D apartment complex in a good submarket of Naples. He says that although it was 90% occupied at the time of the sale, the property showed evidence of deferred maintenance. An affiliated company of US Bank previously owned the property.

The nine-building development features a 2,560-square-foot office and laundry facility.

“The new owner plans to clean it up and own it for the income,” Tasman says.

The new owner, which operated as Oceans 52 LLC for the purchase, mortgaged the property to Ozzie Interests LLC for $650,000.