NAPLES, Fla., May 22, 2024 /PRNewswire/ — JBM® Institutional Multifamily Advisors has the exclusive to assist TDK Construction and Rail Gauge Partners in raising equity for Vintage Naples. Both partners will act as co-GP’s in the project. The project has a compelling 7.02% ROC (untrended) with total development costs of just under $130MM or $324K/unit. The equity request is for up to $59.6MM and deal terms can be negotiated.
Sponsors
TDK is based in Murfreesboro, TN and is a three-generation development and construction company and has completed over 10K units. Rail Guage is based in Atlanta, GA and acts as an investor, developer, and operator of multifamily assets throughout the southeastern U.S. Both Sponsors will contribute GP equity and TDK will act as the General Contractor.
Product
Vintage Naples will be a Class A+, four-story, 400-unit, high-quality concrete block construction trophy asset. The unit mix will have one, two, and three-bedrooms with a zoning requirement that 10% of the units meet affordable housing requirements. Corridor attached garages, guest suites, and storage units will be available to rent. Amenities include a resort-style pool, two-story state-of-the-art fitness center, indoor pickleball court, 22 private offices (for lease), and much more.
Location
Vintage Naples will sit on 31.36 acres of shovel-ready land in a premier location in the direct path of growth with crossroads of Immokalee Road and Orange Tree Boulevard. As part of a larger PUD, Vintage will have fantastic walkability to brand new retail and restaurants as well as fully signalized access from a high traffic count road. Notable tenants include Aldi, Chase, 7-Eleven, a proposed NCH location, McDonald’s, a self-storage facility, and a number of in-line dining and retail options. Publix, CVS, and Dunkin’ Donuts are also located right across the street. Within 5 miles of the Property, the average net worth is $1.38MM and the average household income is $124K.
About JBM®
JBM® holds a 70%+ market share across Southwest Florida and is the #1 ranked boutique brokerage firm in the U.S.A. despite only transacting in Florida. Green Street’s 2023 national multifamily broker rankings ranks JBM® as the #1 highest average sold price per transaction throughout the entire U.S.A. and #1 highest average sales price per unit throughout Florida ($320K/unit). JBM® has a lifetime transactions volume over $19.4 billion and 168,000 units.
SOURCE JBM Institutional Multifamily Advisors
