01 The Opportunity
Our client is the largest active multifamily developer in Southwest Florida. The land owner is one of the largest land owners in Naples. They are also known in the market as reluctant sellers. The site was one of the most strategic and well-located parcels in its submarket. The buyer paid $39,000 per unit, the highest sale price to date for multi-family land in Naples. The property sold for $12,990,000 for 330 units. To exasterbate the challenge, this county is extremely unfriendly to developers and the barriers to entry were significant.
We located a site, created the financial model, assisted in identifying the financial resources required, then created a leasing strategy. The building was fully leased at issuance of the certificate of occupancy with a solid, long-term tenant mix and stabilized operating statement that exceeded proforma by more than twenty percent. The assets has been professionally managed from inception to disposition by Cushman & Wakefield | Commercial Property Southwest Florida.
02 The Results
By leveraging deep local relationships and our Cushman & Wakefield global research and marketing platform, we were able to structure a win-win transaction that met the seller’s price and timing expectations and the buyer’s financial proforma requirements.
As a result, in less than 12 months from closing, the developer constructed and a Class A rental community, Springs of Hammock Cove. It is just off the shores of Marco Island, Fl and within a 5-7 minute drive to 5th Avenue and 3rd Streets South in downtown Naples, a world-famous shopping, dining, and entertainment district.