Halted Naples Condo Conversion Hits Market
A Florida multifamily asset manager is testing the waters for apartment investment demand in Naples.
Preston Giuliano Capital Partners has tapped Cushman & Wakefield to market Naples 701, a 188-unit, garden-style apartment project at 3531 Plantation Way. The project was previously planned to convert to condos, but Preston Giuliano reassembled the units and reverted it back to rental this past March.
C&W's Robert Given, Zachary Sackley, Troy Ballard, Neal Victor and Aaron Mandel are working on the asset, which hits the market without a set price. After recent unit renovations, there's certainly a case to be made that Naples 701 is a value-add play: Average rents rose from $883 to more than $1,100/month.
“Naples 701 is positioned to benefit from the strong fundamentals anticipated for the area as well as the ability to further enhance cash flow by continuing an in-unit renovation program,” Sackley said. “The property has experienced double-digit rent increases on some of their most recent leases.”
