Tuesday, August 29, 2006

4539 Coral Palms Lane. Naples, Florida

Chicago-based Jupiter Realty has sold
the 288-unit Coral Palms Apts. in Naples
to Homestead Land Holdings Ltd. for
nearly $25.1 million, or about $87,000 a
unit. Kingston, Ontario-based Homestead
will retain the community at 4539 Coral
Palms Lane as a rental property. This is the
company’s first Florida property. Coral
Palms was built in 1987 and is 98%
occupied. It has an affordable housing
component that requires 20% of the units to
be rented to tenants with household
incomes at or below the area’s median,
according to Ann Bailey, first VP in the Fort
Myers office of CB Richard Ellis. She and
Jonathan Richards, a multifamily specialist
in the same office, represented the seller in
the negotiations and were the sole brokers
in the transaction.