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| Matt Mitchell |
TAMPA, FL – HFF announced that it has closed the sale of Lofton
Meadows, a 166-unit multi-housing community in Bradenton, Florida.
HFF
marketed the property on behalf of the seller, Landmark Apartment Trust. JB Howell & Company purchased the asset
and assumed the existing agency financing.
Lofton Meadows was constructed in 1986 and is situated on
approximately 11.3 acres at 6050 34th Street West proximate to IMG Sports
Academy, State College of Florida and Sarasota Bay.
The well-maintained property was 98 percent leased and
features one- and two-bedroom units averaging 779 square feet each. Community amenities include a resort-style
swimming pool with poolside cabana, fitness center, car care center and coffee
café.
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| Zach Nolan |
The HFF investment sales team representing the seller was
led by director Matt Mitchell and real estate analyst Zach Nolan.
“The sale of Lofton Meadows reflects a trend in the market
of investors seeking out well-located assets that offer the possibility for
upside though capital improvements,” Mitchell said.
“Such opportunities
are particularly popular among investors along the west coast of Florida where
demand for apartments is outpacing supply and the improving economy in the
Bradenton / Sarasota market means renters are able to pay higher rents for
updated apartments.”
In Tampa, HFF was recently ranked as the top commercial real
estate brokerage firm by The Tampa Bay Business Journal and has handled many of
the market’s largest transactions during the past year such as the Element,
West Park Village and Varela.
For a complete copy
of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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