A Naples apartment complex has been sold to a Dallas real estate investment firm for $83 million, a 400% increase from what the previous owner paid for it just 10 years ago.
The 268-unit apartment complex was sold to Cardinal Residential Ventures Nov. 7.
The complex is Meadow Brook Preserve at 1130 Turtle Creek Blvd. According to its listing on Apartments.com, the property has units ranging from a 689-square-foot one-bedroom to a 1,103-square-foot three bedroom. The complex’s website was not accessible Tuesday, Nov. 8, but the Apartments.com listing say rents start at $2,280 and top out $6,360.
Meadow Brook was 98% occupied at the time of sale, according to a statement.
The property was previously owned by Atlas Real Estate Partners and Andover Real Estate Partners, which bought it in 2012 for $22.9 million. The companies renovated the entire property, including nearly 100% of units as well as upgrading the facades and roofs and adding modern amenities, tbe release states.
Arvind Chary, New York-based Atlas’ co-founder, says in the statement announcing the sale that since first buying the complex Naples has become one of the top multifamily markets in the region.
“The combination of incredible job and population growth, along with the execution of our value-add business plan, enabled us to increase rents and value dramatically over our hold period and generate outsized returns for our investors,” Chary says.