Bradenton apartment complex fetches $27.6 million

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By John Hielscher, Staff Writer | Original Source

MANATEE COUNTY — For the second time in two years, the Harbour Pointe Apartments in west Bradenton has been sold.

Making its fourth multifamily purchase in Manatee, General Services Corp. paid $27.6 million for the 234-unit rental complex at 4501 71st St. W., off Cortez Road, according to court records.

The seller, a company affiliated with Terra Cap Management of Bonita Springs, bought the complex in January 2015 for $21.1 million.

The complex of two-story buildings was built in 1986 and sits on 14.7 acres, county records show. Monthly rents for one- and two-bedroom units range from $939 to $1,209, according to recent listings.

GSC, based in Richmond Virginia, has been snapping up apartment properties here.

Last month, it bought the 168-unit Sun Chase apartments for $20 million. In June it paid $33 million for the 300-unit Cypress Winds, and two months earlier it picked up the 160-unit Kendall Ridge apartments for $16.7 million.

A number of Southwest Florida rental communities have been sold in the past two years, as investors are drawn to increasing rents and high occupancy levels and owners seize the opportunity to cash out.

Seller TerraCap’s local holdings include the Gateway Center and Kane Plaza office buildings in Sarasota.

Separately, the Holiday Inn Express & Suites at 4450 47th St. W., Bradenton, sold for $9 million.

The 129-room motel was acquired by Kansas Snowbird LLC, an Asheville, North Carolina, company managed by Dennis Hulsing.

Seller RFP VI Hotel Bradenton of Boston bought the motel in 2006 for $10.03 million, records show. It was built in 1989 and sits on 2.5 acres.

The buyer financed the purchase with a $10 million loan from Carter Bank & Trust of Virginia.

In another deal, home builder WCI Communities spent $15 million to buy land in the Country Club East section of Lakewood Ranch.

WCI bought 95 lots in the Longcliffe, Hawkstone and Eaglescliffe neighborhoods for $11.87 million, and bought two tracts in the new Clubside community for $3.2 million.

The property was sold by SLV II CCE Venture LP, the partnership between Lakewood Ranch master-developer Schroeder-Manatee Ranch Inc. and Starwood Land Ventures LLC.