Cardinal Capital Purchases Naples Property From Andover Real Estate Partners For $83 Million

Meadow Brook Preserve, located at 1130 Turtle Creek Blvd in Naples, Florida, has been sold for $83,000,000.00. The property, which consists of a 268-unit apartment community, was approximately 98% occupied at the time of the sale. The asset is situated in the Naples market.

Summary of transaction details:

• Property Type: Apartment Community
• Transaction Amount: $83,000,000.00
• Seller: Andover Real Estate Partners
• Buyer: Cardinal Capital
• Seller's Representative: Hampton Beebe (Newmark)
• Deal Closed Date: November 7th
• Previous Purchase Price: $22.9 million in 2012

Atlas Real Estate Partners, alongside Andover Real Estate Partners, facilitated the deal and highlighted the significant renovations made to the property since its previous acquisition, including nearly 100% unit renovations and extensive exterior upgrades. Tyler Minix and Hampton Beebe represented the sellers in this transaction.