Investors buy 159 units in Naples condo

BUYER: JWC Naples 701 LLC (Preston Giuliano Capital Partners LLC), Providence, R.I.

SELLER: Bayshore Properties LLC

PROPERTY: 3504 Plantation Way, various units, Naples

PRICE: $6.8 million

LAW FIRM ON DEED: Cheffy Passidomo, Naples

PLANS, DESCRIPTION: An investment group managed by fund manager Preston Giuliano Capital Partners purchased 159 units in the Naples 701 condominium complex for $6.8 million.

The price equated to $42,779 per unit.

The 180-unit community features two swimming pools, tennis courts, and a fitness center.

Barry Preston, co-managing director of Preston Giuliano Capital Partners, says the firm was attracted to the property based on the price, the Key West-style look of the property and the redevelopment taking place in the area.

“The county recently re-landscaped Bayshore [Drive], and the community redevelopment agency is continuing to work on area properties there,” Preston says. “It is an area very much on the upswing.”

The buyer plans to continue to operate the units as rentals for the foreseeable future. Renters already occupy the vast majority, roughly 98%, of the 159 units.

The previous owner upgraded half of the units in the development, and the new owner plans to continue that on a rolling basis as units become available. The investment group also plans to improve the landscaping and entranceway off Bayshore and is considering expanding the clubhouse.

The property represents the investment group's first purchase in Florida.