Aventura firm buys Naples rentals for $67M

Advenir Inc. paid about $191,000 per unit for the 350-unit property

Aventine at Naples
Aventine at Naples

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.

Sign Up for the undefined Newsletter

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.