Amzak Capital sells Naples townhomes for $67m

Amzak Capital Management, based in Boca Raton, has closed on the sale of the Amberton Luxury Townhomes in Naples for $67 million. The two story, 306 unit complex was built in 2007 on a 28 acre site at 8067 Dream Catcher Circle. Changing hands for just under $218,955 per unit, the property was 92 percent leased at the time of the purchase. Tyler Minix, Managing Director with Miami-based Apartment Realty Services, represented the seller and found the buyer, an unidentified institutional investor. "The Naples submarket continues to show strong fundamentals that attract institutional investors,” explained Minix. “The concrete block townhome style construction provided an excellent opportunity to acquire a Class A property in a submarket with limited supply. This project was originally built as a condominium, in that style, which makes it pretty unique for the Naples market.”