Atlas, Andover partnership buys Meadow Brook Preserve

BUYER: Meadow Brook Preserve LLC (ATLAS Real Estate Partners), New York City

SELLER: Fifteen Naples LLC

PROPERTY: 1180 Turtle Creek Drive, Naples

PRICE: $22 million

PREVIOUS PRICE: $12 million, October 2010

LAW FIRM ON DEED: Akerman Senterfitt, Miami

PLANS, DESCRIPTION: A partnership of New York-based Atlas Real Estate Partners and Boca Raton-based Andover Real Estate Partners purchased the 268-unit Meadow Brook Preserve apartments for $22 million.

The price equated to $82,090 per unit or $90 per square foot.

Completed in 1997, the Class A apartment property occupies more than 36 acres on Old U.S. 41 in North Naples. The property features 12 two- and three-story buildings. Units average 920 square feet. Community amenities include a clubhouse and leasing center, swimming pool, fitness center, two playgrounds, basketball court and a car-care area. Occupancy was 97% at the time of the sale.

Jonathan Richards of CRE Consultants and Robert Given and Zachary Sackley of CBRE represented the seller.

“This was a solid B, B+ property,” Richards says. “The previous owner came in and fixed up the property. The new ownership just plans to continue to improve it.”

Atlas says it plans to do a number of unit upgrades and amenity enhancements throughout the community.

The purchase entity Meadow Brook Preserve LLC financed the project through a $15.25 million Fannie Mae loan through Beech Street Capital.

Atlas and Andover are best known locally for buying the 336-unit Sawgrass Cove Apartments in Bradenton last year for $23.2 million.