Atlas Real Estate Partners has acquired The Preserve at Meadow Brook Apartments located in Naples, Florida for $22,000,000.
The Class A, 268-unit apartment complex was 95% occupied at the time of sale. Atlas plans to implement a value-add program that will target unit upgrades and amenity enhancements throughout the community.
The acquisition was financed with a Fannie Mae loan through Beech Street Capital.
Atlas Real Estate Partners is based in New York and run by Managing Principals Arvind Chary and Alex Foster. Atlas Real Estate Partners has closed on 16 acquisitions in the past 18 months, including a 336-unit apartment complex in Bradenton, Florida they purchased from Equity Residential last year. Last year, Atlas brought on Rob Stone as a principal to oversee and expand its Florida operation. Rob has been instrumental in deal sourcing and administering Atlas’s hand-on management approach. Atlas has offices in New York, Florida and Texas and continues to seek institutional-quality and value-add multifamily assets that fit their investment platform.