Country Club East developer buys Bradenton apartments for $13.6M
by Matt M Johnson via Bradenton.com
A 30-year-old apartment complex owned by the same company for its entire life has sold to a company best known as a co-investor in the most luxurious neighborhood in Lakewood Ranch.
Starwood Capital Group, a global real estate investor with corporate offices in New York and London, purchased the 152-unit Preserve at Manatee Bay apartments at 5933 28th Avenue W. on Oct. 30 for $13.6 million. The seller, Berkshire Group of Boston, had owned the complex since 1985, when it purchased it from Westco Builders for $957,000, according to Manatee County property records.
Starwood acquires a property featuring 19 residential buildings, a community clubhouse and swimming pool on 12.6 acres just a few blocks south of Blake Medical Center. It was last updated in 2008, when Berkshire installed new roofing and replaced siding on all the buildings.
Just over a year ago, Starwood subsidiary Starwood Land Ventures inked a $45 million deal with Lakewood Ranch master developer Schroeder-Manatee Ranch, Inc. to develop more than 600 home sites in luxury neighborhood Country Club East.
The apartment units at the Preserve at Manatee Bay are arranged in two-story eight-plexes. The one- and two-bedroom units range in size from 840 square feet to 1,040, according to the complex’s website. Monthly rent for the units range from $758 to $1,039.
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