Atlas, Blue Whale Part Ways With Florida Apartments
- Feb 10, 2016
Bradenton, Fla.—A joint venture between Atlas Real Estate Partners and Blue Whale Enterprises severed ties with a 336-unit apartment community in the Sunshine State.
The partnership sold the garden-style community of Sawgrass Cove Apartments to Inland Real Estate Acquisitions Inc. for a price tag of $39.3 million. JBM Institutional Multifamily Advisors facilitated the sale of the 99 percent-occupied property.
Atlas and Blue Whale purchased the asset back in 2011 for $23 million, and invested an additional $3 million in capital improvements at the site. Since its inception in 2009, Atlas has completed acquisitions in excess of $600 million throughout the United States.
“This was an excellent transaction for Atlas and its investors in that is showcased our value-add investment strategy of buying mis-managed apartment communities located in growing submarkets,” Arvind Chary, managing principal at Atlas, said in prepared remarks. “The favorable macro trends of the apartment market, combined with the growth of the Bradenton market and our value-add expertise, enabled us to deliver superior risk-adjusted returns to our investors.”
Located at 4801 47th Ave., W. in Bradenton, Sawgrass Cove Apartments offers residents a variety of amenities, including: a business center with conference room and wireless internet access; a car care center; deluxe clubhouse; grilling and covered picnic areas; lighted tennis and half basketball courts; playground; resort-style swimming pool; state-of-the-art fitness center; and dog park. Each apartment unit features stainless steel appliances, breakfast bar, dishwasher, full-size washer and dryer, large walk-in closets, and fireplaces in select units.
Image courtesy of Sawgrass Cove Apartments