Naples Portfolio

Building a scaled portfolio in one of the most demand-rich U.S. real estate markets

Opportunity

Corridor identified the workforce housing space in Naples, Florida as a target market based on attractive supply / demand dynamics and high barriers to entry. To date, two complimentary multifamily properties totaling 199 units have been acquired at an attractive blended basis, allowing for streamlined operations and pricing power for value-add renovations. 

Strategy & Action Steps

By making inroads with local players and leveraging broker and lender relationships, Corridor successfully entered the Naples market in 2016 through the acquisition of Jade @ Olde Naples, and added a second asset in 2021, Stillwater Cove. Both properties mostly cater to residents employed in Naples’ service economy, an underserved segment of the population with minimal housing optionality. The business plan for both assets involves renovating unit interiors to enhance resident experience with rents priced appropriately based on area incomes.  

Outcomes

Based on local market feedback, the value of Jade @ Olde Naples has approximately doubled since acquisition based on the physical upgrades to the property and continued market growth. Stillwater Cove is currently undergoing heavy renovation activity, but early leasing results show an average premium of 55% over prior leases. 

Corridor continues actively looking for new deals in Naples to enhance the economies of scale.

Share this: 

Let’s Talk

About our aligned interests and the potential of our relationship

Photo Credit

 

Homepage: Photo by Grant Lemons on Unsplash

Market Focus: Photo by Omar Flores on Unsplash

Investment Strategies: Photo by riccardo oliva on Unsplash

Aligned Capabilities: Photo by Kyle Sudu on Unsplash