Naples apartment complex sells for $22M

The Miami-based Fifteen Group has sold Naples’ Meadow Brook Preserve apartment community for $22 million, the company announced today. The 268-unit property, which was built in 1997 as the Turtle Creek Apartments, was purchased by Fifteen Group in October 2010 for $12 million from the Florida Housing Finance Corporation, which had acquired it in a foreclosure. The buyer was not disclosed. — Alexander Britell