Inland American buys Malibu Lakes

Inland American buys Malibu Lakes Apartments

BUYER: Inland American Naples Malibu Lakes LLC, Oak Brook, Ill.

SELLER: Malibu Lakes 356 LLC

PROPERTY: 6546 20th Ave. N.W., Naples

PRICE: $31.02 million

PREVIOUS PRICE: $83 million, October 2005

LAW FIRM ON DEED: Greenberg Traurig PA, Miami

PLANS, DESCRIPTION: Oak Brook, Ill.-based Inland American Real Estate Trust Inc. purchased the 356-unit Malibu Lakes Apartments west of Tarpon Bay Boulevard and east of Interstate 75 for $31.02 million.

The purchase price equated to $87,113 per unit. It was 92% occupied at the time of the sale.

The gated apartment complex features several ponds, two heated pools, 120 attached garages and 150 detached garages, a clubhouse, fitness center, business center, spa, sports court, BBQ/picnic area and storage space.

Inland American Real Estate Trust, which is best known locally for owning retail shopping centers, owns about 10,000 apartment units nationwide. The seller, Miami Lakes-based condo converter Prestige Builders Partners, was delinquent on the mortgage for the property

“That was not related to the operations of the property,” says Joe Cosenza, president of Inland Real Estate Acquisitions Inc. the purchasing arm of The Inland Real Estate Group of Companies Inc. “Simply put, we liked it because it looks nice and people were renting there. We also like newer properties like this because then you usually have all the kinds of things people expect to get in a rental property.”

Inland American Real Estate Trust mortgaged the property to Ocean Bank for $17.93 million.