Brooklyn's Read Property Group buys Windsong Club Apartments

BUYER: Windsong Club Apartments LLC (principals: Robert Wolf), Brooklyn, N.Y.
SELLER: April Circle Ltd.
PROPERTY: 11096 Windsong Circle, Naples
PRICE: $8.4 million
PREVIOUS PRICE: $700,000, June 1991
LAW FIRM ON DEED: Burr & Forman LLP, Tampa

PLANS, DESCRIPTION: Brooklyn, N.Y.-based Read Property Group LLC purchased the 120-unit Windsong Club Apartments for $8.4 million.

The price equated to $70,000 per unit. That figure is on par with the average price per unit for multifamily real estate ($70,803) in Southwest Florida, according to the CoStar Group.

Built in 1996, the 15-buidling, 121,722-square-foot apartment development occupies a 8.86-acre site. Amenities include a clubhouse, playground, pool, basketball court and car wash. Units average 986 square feet.

The development was 98% occupied as of the CoStar Group's last review of the property.

The purchase entity, Windsong Club Apartments LLC, mortgaged the property to KeyBank National Association for $6.92 million.