This Week in Real Estate: Dec. 24-29

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Lead Photo: Heatherwood Construction completes renovation of affordable housing project and provides Christmas toys to community residents. 

 

 

RESIDENTIAL

 

HEATHERWOOD CONSTRUCTION CO. COMPLETES AFFORDABLE HOUSING RENOVATION

Heatherwood Construction Co. has completed a full renovation of the Jones Walker Palm Gardens Apartments, a 61,000-plus-acre community of 160 affordable housing apartment homes at 2902 Blount St. in Fort Myers. New owners, Redwood Housing of Austin Texas, made good on their promises to renovate the affordable housing community and temporarily rehouse tenants during renovation. Heatherwood Construction was hired to fully renovate the older housing project to improve living standards and bring the units up to code. The project was led by the Bonita-Springs-based team’s senior project manager, Rafael Valdes, and additionally supervised by Charles Crouch and Levi Whiteleather. The design was done with MK Architecture and overseen by architecture project manager Carlos Cardet. All tenants were moved back into their new homes at the end of November. To celebrate the completion of this project and the Christmas season, Heatherwood Construction teamed up with Toys for Tots and Love & Light Ministries to have a gift giveaway for the residents at the Royal Palm Gardens Apartments, giving 130 children two-plus presents each.

 

7190 Tory Lane rendering

STOCK CUSTOM HOMES SELLS TWO ESTATES PRIOR TO COMPLETION 

Stock Custom Homes, the luxury homebuilding division of Stock Development, has recently sold two of its residences prior to completion. A more than 6,000-square-foot under-air residence at 7190 Tory Lane was sold in the Bay Colony neighborhood. It was offered at $8.995 million and designed in collaboration with Stofft Cooney Architects and Marc-Michaels Interior Design. Upon completion, it will boast four bedrooms, four and two-half bathrooms, a great room, study, and double two-car garages. Also sold was a 4,590-square-foot under-air residence at 1607 Crayton Road in Naples, listed at $4.745 million. The property will contain four bedrooms, a bonus room, four full bathrooms, a powder bath, and a pool bath. The design is collaborated on with Soco Interiors and R.G. Designs and will be very light and bright, with a palette of whites, soft greys, and caramel throughout and contrasting shades of black and a deep-sea blue.

 

COMMERCIAL

 

Inspira Naples

NAPLES MULTIFAMILY COMMUNITY SELLS FOR $82.25 MILLION

An affiliate of Philadelphia-based Equus Capital Partners Ltd., one of the nation’s leading real estate investment managers, has acquired Inspira, a 95% occupied, 304-unit Class A apartment community located in East Naples for $82,250,000. The five four-story apartment buildings acquired by Equus Investment Partnership XI will be managed by Madison Apartment Group L.P., the multifamily operating arm of Equus. Built in 2018 by Naples-based Stock Development, Inspira is located at the intersection of Rattlesnake Hammock Road and Grand Lely Drive within Lely Resort. Inspira boasts a mix of one-, two- and three-bedroom apartment homes and a 10,000-square-foot, two-story clubhouse. Robert Given, Brad Capas and Neal Victor of Cushman & Wakefield represented the seller, an affiliate of Stock Development.

 

NAPLES COMMERCIAL SPACE SELLS FOR $8.6 MILLION

RPPC Corporate Sq. LLC purchased 70,048 square feet of commercial space from Whitehall Printing Co., located at 4208, 4220, 4244 Corporate Square in Naples, for $8.6 million. Christine McManus, CCIM, SIOR of Investment Properties Corp. negotiated this transaction.

 

RIB CITY LOCATION PURCHASED FOR $2.4 MILLION

DT Rib LLC purchased the approximately 3,890-square-foot restaurant known as Rib City from J.C. Vereen & Sons Inc., located at 9191 Tamiami Trail N., Naples, for $2.4 million. David J. Stevens, CCIM of Investment Properties Corp. negotiated this transaction.

 

MULTI-UNIT HOUSING COMPLEX IN CAPE CORAL SELLS FOR $1.95 MILLION

A 16-unit, multifamily complex at 3817 Del Prado Blvd. S. in Cape Coral was purchased by 3817 Waterfront LLC for $1.95 million. The seller, Tommar Inc., renovated the dilapidated, vacant motel into an attractive, stabilized multifamily asset to capitalize on the growing demand for residential rentals in Southwest Florida. “Given the strength of the multifamily market, the seller was able to reap the rewards of his hard work,” said Frank Kupiec, senior broker associate for LandQwest Commercial Naples. Because of the improvements and demand, the property was able to sell fairly quickly to a large, independent investor, said Bruce Micciche of LandQwest. Kupiec and Micciche represented both parties in the sale.

 

NAPLES COMMERCIAL SPACE PURCHASED FOR $685,000

Renaissance Marble & Tile of SW FL Inc. purchased 3,000 square feet of commercial space from Auto Clinic of Naples Inc., located at 6062 Lee Ann Lane in Naples, for $685,000. William V. Gonnering, CCIM, SIOR and Christine McManus, CCIM, SIOR of Investment Properties Corp. represented the seller and Irene Renteria of Jones & Co. Realty represented the buyer.

 

NAPLES OFFICE SPACE SELLS FOR $282,500

The Holocaust Museum & Education Center of Southwest Florida Inc. purchased 1,131 square feet of office space from The Turtle Club LLC, located at 975 Imperial Golf Course Blvd., Suite 105, in Naples, for $282,500. Clint Sherwood, CCIM of Investment Properties Corp. represented the buyer, and David Bartley of Bartley Realty represented the seller.

 

DUNKIN’ TO OPEN THIRD LOCATION IN CAPE CORAL

A recently purchased 1,000-square-foot retail building with a drive-thru is planned for the third Dunkin’ destination in Cape Coral. Del Prado Coffee Realty LLC purchased the former Scooter’s Coffee at 1014 Del Prado Blvd. S. in Cape Coral for $575,000. The principal, Michael Koroghlian, owns and operates more than 30 Dunkin’ locations in Lee and Collier counties, and opened his first Cape Coral location at the corner of Pine Island Road and Nicholas Parkway in 2019. The Del Prado location offered an excellent opportunity to expand Dunkin’s Cape Coral footprint. “We have been looking for a location in this market for some time, and it was difficult to locate a suitable site that works for a drive-thru in the southbound (“going to” work) lane,” says LandQwest Senior Associate Bob Pekol, who represented the buyer in the transaction. Jack Britton with Professional Realty Consultants represented the seller, Kevin H. Schuman and Carol J. Schuman.

 

FL STAR COMPLETES BUILDOUT OF KILWINS AT MERCATO

FL Star Construction, a division of FL Star, has completed the buildout of Kilwins at Mercato, a confectionary specializing in chocolates, Mackinac Island fudge, toffee and original recipe ice cream. The new facility is the second location for Kilwins in Naples. It is located at 9106 Strada Place, Suite 4100, adjacent to Narrative Coffee, another FL Star built shop at Mercato. Other projects by FL Star include Sapphire Cove, Milano Lakes, and Arrowhead Reserve. FL Star is also building single-family homes in Golden Gate Estates. In addition, the firm provides management services for commercial and industrial buildings for real estate owners and condominium associations including maintenance, collection of rents and financial reporting.

 

ON THE MOVE

 

Premiere Plus Realty Co. reports $2.4 billion in 2020 sales volume to date, which is an increase of 37% from 2019. The company also reports 6,191 transaction sides. In addition, Premiere Plus Realty Co. has donated $50,000 to local nonprofits through its PPR Cares giving initiative. Premiere Plus serves 1,400 agents in six offices from Marco Island to Cape Coral. For more information, visit PremierePlusRealty.com.

 

PDS Architecture in Fort Myers has revealed its evolved brand, amid its 10th anniversary as a full-service design firm. The evolution began to unfold earlier this month during the Lee Building Industry Association Awards. It includes a logo and introductory video, followed by an animated e-blast and revamped website. Each brand component echoes a literal evolution by paying tribute to the development of function as an art form. This tone and matter are spelled out within each tab of the updated website, with a comprehensive portfolio and client logo list as visual examples. These are mimicked throughout the e-blast. Meanwhile, the logo acknowledges the anniversary by adding the milestone, not altering the colors, fonts or style. For more information, visit PDSArchitecture.com.

 

KUDOS

 

Residential Options of Florida (ROOF) received a $5,000 grant from Truist Financial Corp. through its Truist Charitable Fund, a donor-advised fund at The Winston-Salem Foundation. The funding will support ROOF’s new development, Independence Place Bayshore. This is ROOF’s third home in Immokalee and fourth home in Collier County. The 348,000 square-foot home will house two individuals with developmental disabilities and their caregiver. The two-bedroom, two-bath home will be built to ADA standards making it fully accessible to all future residents. ROOF rents its homes as low as $231 a month, allowing individuals receiving Supplemental Security Income (SSI) or Social Security Disability Income (SSDI) to live affordably and independently. ROOF’s resident services coordinator provides service coordination connecting residents to various services in the community, including supported living services, transportation, employment, and benefits planning assistance.

 

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