Atlas Real Estate Partners buys Huntington Place apartments

BUYER: Huntington-Sarasota LLC (principal: Alex Foster), New York City
SELLER: Huntington Place Apartments Limited Partnership
PROPERTY: 3201 Huntington Place Drive, Sarasota
PRICE: $21.75 million
PREVIOUS PRICE: $17.3 million, December 2004
LAW FIRM ON DEED: Atlas Real Estate Partners, New York City

PLANS, DESCRIPTION: New York City-based Atlas Real Estate Partners purchased the 252-unit Huntington Place Apartment Homes for $21.75 million.

The price equated to $86,310 per unit.

The 21.3-acre lakeside rental community features 19 two-story apartment buildings with a central clubhouse. Amenities include a swimming pool, fitness center, lighted tennis and racquetball courts, barbecue area, children's playground, laundry facility and car wash area. The 209,456-square-foot gated development was built in 1986.

It was 97% occupied at the time of the sale.

Huntington-Sarasota LLC mortgaged the property in a Fannie Mae loan to Beech Street Capital LLC for $17.58 million. Mitch Sinberg and Michael Wallace in Beech Street's Fort Lauderdale office originated the transaction.

As part of the loan, Atlas Real Estate Partners agreed to make several capital improvements to the property over the life of the loan. The interior unit renovations will include new carpets and vinyl flooring, front doors, bathroom fixtures and flooring and kitchen appliances, countertops, cabinets and kitchen fixtures.

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 in Naples for $22 million in late 2012 and the 336-unit Sawgrass Cove Apartments in Bradenton in mid-2011.