Meadow Lakes Apartments sell for $11.65 million

BUYER: Naples Carriage LLC, West Springfield, Mass.

SELLER: Saxon Manor Isles Apartments Limited Partnership

PROPERTY: 268 Manor Blvd. and 6480 Radio Road, Naples

PRICE: $11.65 million

PREVIOUS PRICE: $628,800, April 1998 and $600,000, March 1996

LAW FIRM ON DEED: Bouza Klein & Kaminsky, Los Angeles, Calif.

PLANS, DESCRIPTION: West Springfield, Mass.-based apartment company Aspen Square Management Inc. purchased the Meadow Lakes Apartments for $11.65 million. The price equated to $46,230 per unit.

Research firm CoStar Group reports the property has 252 units.

As part of the acquisition, Aspen Square Management assumed a low-income housing agreement in the property from seller, SunAmerica Affordable Housing Partners Inc. of Los Angeles. The affordable housing rental property was built in the late '90s using low-income tax credits.

Calls to Aspen Square Management were not returned prior to deadline.

Aspen Square Management owns 17 apartment developments in Florida, including the Lakes of Tuscana in Port Charlotte, Toledo Club in North Port, Somerset Palms in Naples, Madison at Largo in Largo and Cypress Winds in Bradenton.

The purchase entity Naples Carriage LLC mortgaged the property to Lenox Financial Services LLC for $11.65 million.