Massachusetts Investor Buys Naples Apartment Community for $21.25M

A Boston-area investment firm, Tidegate Capital, has purchased the 104-unit Jade at Olde Naples at 1015 Second Ave. N. for $21.25 million, according to Collier County records.

📉 Deal Details & Buyer Strategy

• Sale price: $21,250,000

• Seller: Connecticut-based investor who bought the property in 2016 for $12.3 million .

• New owner: Tidegate Capital, based in Duxbury, MA.

• Next steps: Plans include a “value-add” strategy—converting approximately half the units into condominiums, offering “reasonably priced opportunities to be a homeowner in Naples”.

🏙 Location & Market Context

• Positioned just three blocks from 5th Avenue and inside the Naples Design District, the property is well-located for urban living.

• The Naples rental market has drawn interest from out-of-state investors, with this deal following other recent multifamily acquisitions in the region.

💡 Market Takeaway

This sale reflects larger dynamics in Collier County real estate: investors are tapping into rental-to-ownership conversions to meet demand for mid-market homes in upscale urban areas. With owner-occupied condos in Naples still costly, this could offer a more attainable entry for some buyers.

🔍 What’s Next

• Conversions underway: Expect permitting and phasing for the ~52 condos to begin as Tidegate initiates its value-add process.

• Affordability goals: Watch if pricing targets a gap between high-end condo developments and luxury rentals.

• Market ripple effect: Other investors may follow suite, eyeing multifamily to condo conversions in Naples and beyond.