Miami Beach firm buys Turtle Creek apartments

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.