NAPLES, FL – Atlas Real Estate Partners, a multifamily-focused private investment and development firm with offices in New York and Miami, completed the sale of Meadow Brook Preserve, a 268-unit apartment community located at 1130 Turtle Creek Blvd. in Naples, Florida. The firm sold the community to Cardinal Residential Ventures. At the time of the sale, the property was ~98% occupied.
The transaction closed on November 7th.
Atlas Real Estate Partners along with Andover Real Estate Partners purchased the Naples property in 2012 for $22.9 million and renovated the entire property. The improvements included renovations of nearly 100 percent of units and extensive exterior upgrades, including a new façade and roofs, and the addition of modern amenities such as a dog park, pet washing station, and outdoor kitchen and lounge area.
“In the time we have owned Meadow Brook Preserve, we have seen Naples emerge as a top multifamily market in Southwest Florida,” said Arvind Chary, co-founder of Atlas Real Estate Partners. “The combination of incredible job and population growth, along with the execution of our value-add business plan, enabled us to increase rents and value dramatically over our hold period and generate outsized returns for our investors. We look forward to replicating this model in our target markets throughout the Southeast.”
Newmark’s Tyler Minix and Hampton Beebe represented Atlas and Andover in the sale.
The Southwest Florida multifamily market has been surging in popularity in recent years, and Naples has consistently been named a Best Place to Live, Safest Place to Live, and Best Beach Town. The Naples-Marco Island MSA was recently ranked first out of 150 markets nationally for annual effective rent growth.
“Meadow Brook Preserve is a case study for acquiring quality multifamily real estate in an emerging location, executing a tailored value-add strategy, and holding long-term,” said Rob Stone, founder of Andover Real Estate Partners.
In addition to its extensive real estate investment and development portfolio, Atlas also recently announced the launch of its fourth Opportunity Zone Fund targeting multifamily developments across the Southeast and Texas. The fund is a unique offering allowing direct investment with an experienced sponsor developing multifamily in high-growth markets.