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Avesta Communities buys Northgate Club

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  • | 9:07 a.m. September 6, 2013
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BUYER: 4300 Atoll Court LLC (Avesta Real Estate Partners IV LLC), Tampa
SELLER: CSFB 2003-5 Northgate Club Apartments LLC
PROPERTY: 4361 Atoll Court, Naples
PRICE: $7 million
PREVIOUS PRICE: $507,000, September 1987
LAW FIRM ON DEED: Shutts & Bowen LLP, Tampa

PLANS, DESCRIPTION: Tampa-based Avesta Communities LLC purchased the 120-unit Northgate Club apartment complex for $7 million.

The price equated to $58,333 per unit.

Built in 1988, Northgate Club features 16 one- and two-story apartment buildings and a clubhouse on a 9.99-acre site. The 109,200-square-foot development includes 60 one-bedroom units and 60 two-bedroom, two-bath units. Units average 910 square feet.

Amenities include a clubhouse with management and leasing offices, an entertaining area with outdoor bar, fitness center and swimming pool.

Northgate Club was 86% occupied at the time of the sale.

The seller, Wells Fargo Bank as trustee for the holder of certain Suisse Boston Mortgage Securities certificates, foreclosed on the property in January citing $3.55 million in debit.

Avesta says the property had been in distress and neglected for some time prior to the sale. It plans to upgrade and renovate all of the units along with installing new flooring and appliances. The firm also will be upgrading and renovating the pool and pool deck, painting the exterior of the buildings, resealing and striping the parking lots and overhauling the landscaping.

Purchase entity 4300 Atoll Court LLC mortgaged the property to Branch Banking and Trust Co. for $5.7 million.

Founded in 2010, Avesta has raised and invested more than $170 million in equity into more than 6,000 apartment units, including 16 communities across the Gulf Coast area.


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