The Real Deal Miami

Naples rental complex sells for $67M in hurricane-delayed closing

A Boca Raton-based owner sold the 306-unit rental property after assessing storm damage and amending deal terms
September 30, 2017 12:00PM

The Boca Raton-based owner of a 306-unit rental complex in Naples sold it for $67 million despite a hurricane-delayed closing with amended terms.

Amberton Properties LLC sold the Naples property, called Amberton Luxury Townhomes, for an average price just under $219,000 per unit. Affiliates of two Boca Raton companies, Amzak Management and Home Dynamics Corporation, own Amberton Properties.

The Sept. 20 closing of the transaction was nine days after the original closing date, Sept. 11, the day after Hurricane Irma made U.S. landfall in the Florida Keys and moved north through the Naples area.

Law firm Akerman LLP, which led the transaction for Amberton Properties, said in a press release that the seller “made appropriate adjustments to the closing figures negotiated” after assessing Hurricane Irma’s damage to the Naples rental property.

Akerman’s real estate partner Thomas Streit in West Palm Beach led a team at the law firm that worked on the deal.

South Florida law firm Stearns Weaver served as local counsel to the buyer, which was represented by Silberberg & Klein LLP.

The broker of the sale was Tyler Minix of Apartment Realty Services.