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BUYER: Fifteen Naples LLC (principals: Ian and Mark Sanders), Miami Beach
SELLER: FHFC II Inc.
PROPERTY: 1180 Turtle Creek Drive, Naples
PRICE: $12 million
PREVIOUS PRICE: $2.06 million, April 1996
LAW FIRM ON DEED: Nabors Giblin & Nickerson PA, Tallahassee
PLANS, DESCRIPTION: Miami Beach-based Fifteen Group purchased the 268-unit Turtle Creek apartment complex for $12 million.
The price equated to $44,776 per unit.
The 12-building multifamily development was built in 1997. The buyer, a private equity firm, plans to make some capital improvements to the property to improve its curb appeal. The complex was 52% occupied at the time of the sale.
Jonathan Richards of CB Richard Ellis, Fort Myers/Naples brokered the transaction.
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