News Summary
Sharp Key Capital has acquired the Residences on 16th, a 63-unit multifamily community in Naples, for $12.54 million. The property features 61 two-bedroom apartments and has undergone significant upgrades to attract new tenants. This acquisition reflects the firm’s commitment to expanding its footprint in the Florida real estate market, where demand for rental housing continues to rise. The transaction was facilitated by Marcus & Millichap, highlighting the ongoing interest in multifamily communities in the region.
Florida – Sharp Key Capital, a real estate investment firm based in New York, has acquired the Residences on 16th, a 63-unit multifamily community located at 5194 16th Place S.W., Naples, for $12.54 million. The property, which spans 5.2 acres and consists of 16 two-story buildings, was previously owned by Opus Reserve, an Orlando-based LLC that bought the community for $15 million in 2022.
The Residences on 16th features a majority of two-bedroom apartments, with a total of 61 two-bedroom units, 1 three-bedroom unit, and 1 studio unit. Residents enjoy an average unit size of 975 square feet. Recent capital improvements have enhanced the community, with kitchen and bathroom upgrades completed in 75% of the units to attract new tenants and improve living conditions.
Sharp Key Capital, founded in 2012, has built an impressive portfolio exceeding $1.6 billion in transaction volume, and this acquisition marks a significant addition. With a total of 11 apartment communities in Florida, they currently manage seven properties within the Tampa Bay market. This purchase signals the firm’s ongoing commitment to expand its footprint in the Florida real estate market.
The sale of the Residences on 16th was facilitated by Marcus & Millichap. Representatives Ned Roberts, Jason Hague, and Sam Ferguson played key roles in brokering the deal for Opus Reserve. The transaction highlights the continued interest in multifamily communities in Florida, reflecting the state’s growing demand for rental housing.
The Residences on 16th, built to meet the needs of modern residents, sits in an advantageous location in Naples, a region known for its vibrant economy and residential appeal. The recent renovations indicate an effort by Sharp Key Capital to reposition the property in a competitive rental market, further emphasizing their strategic investment approach.
The multifamily real estate sector in Florida has observed substantial interest from investors, particularly in desirable destinations like Naples. The acquisition by Sharp Key Capital not only underscores the firm’s aggressive expansion strategy but also reflects a broader trend of investment in residential properties across the state. As more firms look to enhance their portfolios with multifamily dwellings, the demand for such properties is anticipated to continue rising.
The success of this purchase will depend on how Sharp Key Capital manages the community post-acquisition, especially regarding tenant satisfaction and continued improvements. With 75% of the units already upgraded, tenants may already experience a higher quality of living, which could translate into long-term stability for the property and its investors.
In summary, the Residences on 16th‘s acquisition illustrates the robust activity within the Florida multifamily real estate market, showcasing the strategic initiatives of New York-based Sharp Key Capital as they seek to capitalize on opportunities in the region.
Deeper Dive: News & Info About This Topic
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- Google News: Naples Florida apartments
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