Continental Realty Corp. buys Aventine at Naples

BUYER: Aventine at Naples LLC (CRC Fund III General Partner LLC), Baltimore
SELLER: San Marino Apartments Associates LLC
PROPERTY: 9438 Marino Circle, Naples
PRICE: $44.25 million
PREVIOUS PRICE: $22 million, June 2010
LAW FIRM ON DEED: Henderson Franklin Starnes & Holt PA, Fort Myers

PLANS, DESCRIPTION: Baltimore-based real estate developer Continental Realty Corp. purchased the 350-unit Aventine at Naples apartments for $44.25 million.

The price equated to $126,429 per unit.

The garden-style development features 77 one-bedroom, 181 two-bedroom, and 92 three-bedroom units. The average unit size is 1,114 square feet. Occupying a 36.96-acre parcel, the development was 96% occupied at the time of the sale.

Amenities include a fitness center, car wash, playground, swimming pool and racquetball court.

Built in 2001 and 2002, the 398,190-square-foot community was awarded the National Association of Home Builders Multifamily Pillars of the Industry Award for Best Garden Apartment Community in 2003.

General Electric Credit Equities Inc. foreclosed on the property in November 2009 and The Praedium Group LLC and Greystar Real Estate Partners purchased it in 2010. Shortly thereafter it went through a $4 million exterior renovation and the new owners improved the occupancy up from a low of 50%.

Purchase entity Aventine at Naples LLC mortgage the property to New York Community Bank for $32.5 million.