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Thursday, May 6, 2010

Multi-Family Investment Property Sells in Naples

Naples, Florida - Net Lease Properties information today is regarding the Apartment Building Sector. Investment Firm TGM Associates LP has purchased the 360-unit Bermuda Island Apartments for $29.5 million. The Investment Property price equates to $81,944 per unit for the Multi-Family Apartment complex. One of the factors to help produce the sale of this Multi-Family Complex is approximately 90% occupied, with Tenants.

The Multi-Family Investment, on Livingston and Vanderbilt Beach roads, is adjacent to the Ritz Carlton’s Tiburon Resort and Club.

This Apartment Complex was completed in 1998 and this Multi-Family community consists of 12 three-story residential Apartment buildings of wood frame and hardy plank construction. This Multi-Family Investment contains 376,512 square feet of net area for Lease. The Apartment buildings feature one, two and three bedroom floor plans ranging in size from 662 sf to 1,606 sf.

Bermuda Island Apartment Buildings are surrounded by a two-acre lake. The gated complex also features a 2,000-square-foot fitness center, garages, a beach volleyball court, a jogging path and two lighted tennis courts. Apartments in the development lease from $769 a month for a two-bedroom unit to $1,069 for a three bedroom apartment for lease.

TGM Associates will manage the facility. The New York City-based Investment Firm already owns the Floresta Apartments and Vintage at Abacoa Apartments in Jupiter, Florida and Hunters Way Apartments in Jacksonville.

Commercial Real Estate Search & Non-Recourse Loans

If you feel this is the right time to invest in Commercial Real Estate, Multi-Family Apartment Buildings, or Net Lease Properties then contact us, HERE. We can also assist you with your Commercial Real Estate Mortgage and Non-Recourse Loan to purchase a new property.

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