Alladin and Verity Lane trust buys BNA Apartments

BUYER: Florida Rental Specialist LLC as trustee of the Alladin and Verity Lane Land Trust, Naples

SELLER: SA Florida One LLC

PROPERTY: 4615, 4619, 4711 and 4715 Verity Lane, and 4619 and 4711 Alladin Lane, Naples

PRICE: $946,0000

PREVIOUS PRICE: $1.95 million, April 2005

TITLE FIRM ON DEED: Paradise Coast Title & Escrow LLC, Naples

PLANS, DESCRIPTION: Florida Rental Specialist LLC purchased the 24-unit BNA Apartments on behalf of the Alladin and Verity Lane Land Trust for $946,000.

The price equated to $39,417 per unit.

The property consists of six adjacent buildings, each with its own parcel. Four of the buildings, located on Verity Lane, are triplexes and the other two are six-plexes. The triplex buildings, which were constructed between 1978 and 1981, feature all two-bedroom and two-bathroom units with attached garages. The two six-plex buildings on Alladin Lane were built in 1989 and feature a mix of two studio units and 10 two-bedroom and two-bathroom units with screened-in patios.

Three of the units were vacant at the time of the sale.

Michael Donaldson of Marcus & Millichap's Tampa office represented the seller and Matthew Pikus of Pikus Realty PA in Naples represented the buyer.

“They plan on renovating it extensively and putting new appliances and cabinetry in the units,” says Donaldson. “There are some pending evictions and some deferred maintenance. They plan to turn it around to its full potential.”