The Real Deal Miami

Naples-area apartments sell for $58 million

Minnesota-based TE Miller plans more apartment acquisitions in southwest Florida
January 02, 2016 11:00AM

The Coral Palms apartment complex in Golden Gate

The Coral Palms apartment complex in Golden Gate

Minnesota-based TE Miller Development LLC,  paid $58 million for two Naples-area apartment complexes with a total of 504 units.

The Oasis in North Naples and Coral Palms in Golden Gate are both 100 percent leased. Toronto-based Homestead Properties sold both apartment complexes.

The Oasis, located at 2277 Arbour Walk Circle in North Naples, has 216 units and was built in 1991. Coral Palms at 4539 Coral Palms Lane in Golden Gate is a 288-unit property built in 1988.

The  president and owner of TE Miller, Tom Miller, has been visiting the Naples area for more than 30 years, Mike Garvin, the company’s vice president, told the Naples Daily News. “We think Naples and Southwest Florida in general is a pretty place, and we really like the rental market down there,” he said. ”

TE Miller owns than 1,800 apartments units. Most are located in Minnesota. Garvin said the company recently sold apartments in Colorado and plans further acquisitions in Florida: We would like to grow in that area … buy other assets.”

Asking prices for Minnesota apartments have escalated, hindering efforts by TE Miller to expand its property portfolio there. [Naples Daily News] — Mike Seemuth