Atlas JV Sells $83M Florida Asset

Meadow Brook Preserve. Image courtesy of Atlas Real Estate Partners

Atlas Real Estate Partners and Andover Real Estate Partners have sold a Naples, Fla., community for $83 million. The Meadow Brook Preserve, a 268-unit property, was sold to Cardinal Capital.

“Meadow Brook highlights our bottom-up approach to asset and market selection and our belief that quality multifamily assets are best held long term,” Joe Stampone, managing director of investments at Atlas, told Multi-Housing News. “We look forward to replicating this model in our target markets throughout the Southeast.”

Atlas and Andover originally acquired the property for $22.9 million in 2012. During ownership, the companies performed renovations of almost all units as well as upgraded the exterior, façade, roof and amenities.

The property sold at a 400 percent increase from the 2012 acquisition price. At the time of the sale, which closed on Nov. 7, Meadow Brook Preserve was 98 percent occupied.

Located at 1130 Turtle Creek Blvd., Meadow Brook Preserve has one-, two- and three-bedroom homes. The three-story building, originally completed in 1997, features a fitness center, a basketball court, an outdoor kitchen and lounge area, a dog park and a pool, according to Yardi Matrix data. Individual units have patio and balcony options.

Tyler Minix and Hampton Beebe with Newmark represented the sellers in the deal.

Primely situated

The Florida housing market, largely driven by multifamily, is a national hotspot. In Naples, rents have increased 48.9 percent since March 2020. The Naples-Marco Island area was recently ranked the No. 1 market nationally for annual effective rent growth.

Across the rest of the state, rents are similarly increasing with 48.3 percent in Sarasota and 34.3 percent in Tampa. Southwest Florida, specifically, is seeing a large increase in both job and population growth.