Carlyle Group buys land for Vanderbilt residential development

BUYER: CRP/Vanderbilt Sandalwood LLC (The Carlyle Group), Washington, D.C.
SELLER: Amy Turner (50% interest), Tammy Kipp (22%) and BRT Coastal Partnership (28%)
PROPERTY: 3511 Vanderbilt Beach Road, Naples
PRICE: $6.7 million
PREVIOUS PRICE: $250,000, February 1989
LAW FIRM ON DEED: Roetzel & Andress LPA, Naples

PLANS, DESCRIPTION: An affiliate of The Carlyle Group purchased 7.5 acres north of Vanderbilt Beach Road east of Livingston Road and west of Fieldstone Boulevard for $6.7 million.

The price equated to $892,144 per acre.

The global asset manager has hired Brooks & Freund LLC to construct a gated residential development. Work has already started on the project, which will feature two residential buildings, a guardhouse and community building.

Neither The Carlyle Group or Brooks & Freund responded to a request for comment prior to deadline.

The purchase entity, CRP/Vanderbilt Sandalwood LLC, mortgaged the property to Citizens Bank of Pennsylvania for $24.4 million.