News Summary
The Residences on 16th in Naples, Florida, has been sold for $12.54 million to Sharp Key Capital. This multifamily community features 63 units and recent renovations, shaping the local real estate market dynamics. The sale indicates a shift in property value, with an increased focus on multifamily housing amidst growing demand in the region.
Naples Real Estate Market Sees $12.54 Million Sale
Naples, Florida – The Residences on 16th, a multifamily community boasting 63 units, has been sold for $12.54 million. The transaction was completed by Sharp Key Capital, a real estate investment firm based in New York, marking a significant addition to its portfolio.
The property, located at 5194 16th Place S.W., spans 5.2 acres and features a total of 16 two-story buildings. Out of the 63 units, 61 are two-bedroom apartments, one is a three-bedroom unit, and one is a studio, with an average unit size of 975 square feet. Recent renovations have enhanced the appeal of the community, as 75% of the apartments received upgrades to their kitchens and bathrooms.
The seller, Opus Reserve, an Orlando LLC, acquired the Residences on 16th for $15 million in 2022, indicating a decrease in value for the property with its recent sale. This financial movement exemplifies the fluctuating nature of the real estate market in the region.
Sharp Key Capital, founded in 2012, brings substantial experience to this acquisition, with a portfolio that exceeds $1.6 billion in transaction volume. The firm has been increasingly focusing on expanding its presence in Florida’s multifamily housing market. With this latest purchase, they now own 11 apartment communities across the state, including seven situated in the Tampa Bay area.
The sale of the Residences on 16th was facilitated by the real estate brokerage firm, Marcus & Millichap. The transaction was represented by a team consisting of Ned Roberts, Jason Hague, and Sam Ferguson, highlighting the importance of professional guidance in real estate negotiations.
As the multifamily housing sector continues to grow in Florida, Sharp Key Capital’s acquisition adds to the vibrancy of Naples’ real estate landscape. Investors are increasingly keen on the region due to its favorable conditions for multifamily development, along with ongoing improvements to existing properties.
The sale represents not only a shift in ownership but also reflects broader trends in the real estate market, where property values can fluctuate significantly based on local demand and market conditions. With a focus on upgrading residential amenities in such properties, investors like Sharp Key Capital are positioning themselves to attract tenants seeking modern living spaces in desirable locations.
Market analysts anticipate that the demand for multifamily housing will continue to rise in Naples, supported by regional population growth and an influx of buyers interested in Florida’s real estate offerings. This acquisition by Sharp Key Capital may signal further investment in community enhancements that cater to evolving tenant needs.
As the market evolves, stakeholders in the real estate sector will be watching closely how new ownership and investment strategies will impact local communities and property values in the coming years. The Residences on 16th is poised to be a significant player in this dynamic, with its updated features appealing to prospective tenants looking for quality living in a vibrant community.
Deeper Dive: News & Info About This Topic
HERE Resources
Town Lane Acquires The Goldton at Venice Senior Living Community
Town Lane Acquires The Goldton at Venice Senior Community
Surge in Wealthy Investors Driving Florida Real Estate Boom
Additional Resources
- Business Observer: Naples Apartment Complex Sells
- Wikipedia: Naples, Florida
- Multi-Housing News: Two Florida MHCs Secure $91M for Construction
- Google Search: Naples Florida real estate
- Gulfshore Business: Site Work Begins for 2 Housing Projects at Lely, Collier
- Google Scholar: Naples real estate market
- Yield PRO: Oasis Naples
- Encyclopedia Britannica: Florida real estate
- REBusiness Online: Excelsa Properties Acquires 216-Unit Multifamily Community in Naples
- Google News: Naples Florida real estate news
Author: STAFF HERE NEW YORK WRITER
The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
