Aventura firm buys Naples rentals for $67M
Advenir Inc. paid about $191,000 per unit for the 350-unit property
Aventura-based Advenir Inc. bought a 350-unit apartment property in Naples for $67 million or about $191,000 per unit.
The seller, Baltimore-based Continental Realty Corporation, acquired the property, called Aventine at Naples, in 2013 for $44.3 million.
The Class A apartment property at 9300 Marino Circle in South Naples is located off Collier Boulevard near Marco Island.
A team at brokerage firm ARA Newmark, led by Executive Managing Director Hampton Beebe, represented Continental Realty in its sale of Aventine at Naples.
During its four-year ownership of Aventine at Naples, Continental Realty completed a comprehensive upgrade of unit interiors.
The Baltimore-based company also installed an outdoor kitchen and grilling area, created a fitness studio, renovated the property’s clubhouse and added a 24-hour, fully automated package pick-up room.
Privately owned Continental Realty is a full-service commercial real estate investor and manager that owns more than three million square feet of retail-center space and apartment properties with almost 10,000 units.
Advenir, which acquires and operates rental housing properties nationwide, owns and manages a portfolio with about 15,000 rental units.