Saturday, September 27, 2014

HFF closes sale of 166-unit Lofton Meadows in Bradenton, FL

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.

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 |

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