Naples investor buys Oceans 52 apartment community

BUYER: Tany Co. LLC (principal: Zully Giunta), Naples
SELLER: 4066 Bayshore LLC
PROPERTY: 4066 Bayshore Drive, Naples
PRICE: $3.4 million
PREVIOUS PRICE: $2.7 million, December 2011
LAW FIRM ON DEED: Lloyd Granet PA, Boca Raton

PLANS, DESCRIPTION: Zully Giunta of Naples purchased the 53-unit Oceans 52 rental community for $3.4 million.

The price equated to $64,151 per unit.

The 31-year-old community contains eight one-story buildings on a 8.54-acre site. Its units range in size from two to three bedrooms and average 960 square feet. Oceans 52 was 100% occupied at the time of the sale.

Amenities include a laundry facility, clubhouse and leasing center, lakefront swimming pool and sundeck. At the west end of the property is a large open area with a tiki hut, barbecue area, playground and soccer and football fields.

Jonathan Richards of CRE Consultants' Multi-Housing Group represented the seller.

Richards says the sale set a price-per-unit high for a C-class rental property in Collier County.

“This really comes down to the desirability of the southern and downtown Naples market,” he says. “There's a lack of new [multifamily] that's really driving property values. There is a lot of rental growth potential.”

The purchase entity, Tany Co. LLC, mortgaged the property to BOFI Federal Bank for $2.11 million.