Interface Properties has acquired Wild Pines of Naples, a 10-building, 200-unit apartment community in Naples, Fla., for an undisclosed price. The previous owner of the property was JSB Capital Group, according to Yardi Matrix.
Berkadia brokered the deal on behalf of Interface Properties, assuming a $20.62 million senior loan and an additional $6 million supplemental through Freddie Mac. Both are fixed-rate loans with 10-year terms. The financing package’s total value is $26.62 million.
Multiple phases over the decades
The two-story, garden-style apartment community contains a mix of market rate and affordable units, with half of the units being income-restricted. All units contain one bedroom.
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Wild Pines of Naples was built in phases between 1968 and 2001. JSB Capital Group previously purchased the site from Axonic Properties for about $25.4 million in 2020, according to Yardi Matrix.
Amenities include a clubhouse, pool, fitness center and business center. Interface Properties plans to upgrade several parts of the property, including the laundry services, gym and landscaping, along with adding a dog park.
Located at 2580 Wild Pines Lane, the property is within 2 miles of downtown Naples, which includes many shopping and dining options. The development is also within 3 miles of the beach.
Boca Raton-based Interface Properties previously acquired Brantley Pines, a 296-unit multifamily community in Fort Myers, Fla., in July 2024. The firm paid $57 million for that property and also took out a $39.9 million Freddie Mac acquisition loan.
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