Saturday, September 3, 2016

Passco Companies Scores 400-Unit Trophy-Caliber Multifamily Asset in Bradenton, FL for $75 Million

ParkCrest Landings Apartments, Bradenton, FL

                 BRADENTON, FL  – Passco Companies has acquired ParkCrest Landings, a 400-unit, institutional-grade multifamily asset located within the growing submarket of Bradenton in Manatee County, Florida for $75 million.

The Class A+ property is set within a 67-acre site encompassing 9-acres of lakes and 40-acres of nature preserves along a tributary of the Manatee River.

Colin Gillis
            “Bradenton is one of the most dynamic submarkets on the west coast of Florida,” says Colin Gillis, Vice President of Acquisitions for the Southeast at Passco Companies.

“Manatee County has been one of the most stable counties in the state of Florida since 2010, and is continuing to demonstrate consistent economic growth. It has added more than 11,500 jobs over the last 24 months, and has one of the highest per capita incomes in the state.”

Gillis notes that, according to BLS Data, the west coast of Florida has seen tremendous job creation and rent growth over the last several years with every market from Tampa to Naples experiencing significant economic expansion.

In addition, of the 50 or so markets Passco tracks, data from the Bureau of Labor ranks the Bradenton-Sarasota MSA fifth in percentage job growth over the last five years with nearly 17-percent.

ParkCrest Landings is located at 5725 1st Avenue East in Bradenton, Florida. It was developed by Tampa-based CKT Development and leased-up by CKT Asset Management. Jamie May, Chairman & CEO of JBM represented Passco and the seller, CKT Development in the transaction.

Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.

Jamie May
“The five-year average job growth in this market is over five times the ten-year average, illustrating how explosive job expansion has been in this market in recent years,” says Gillis. 

“What is nice about a market like Bradenton is that not only will it benefit from the growth of its own demand drivers, it will leverage off of the success and continued growth of Tampa and St. Pete to the North and Sarasota to the South.” 

According to the Florida Department of Economic Opportunity, Bureau of Labor, the MSA also boasts the fastest annual job growth rate compared to all the metro areas in the state in education and health services (+6.4 percent), which are great indicators to the economic health and future of a region.

Gillis adds that multifamily in Manatee County has performed extremely well over the last several years, achieving rental rates that often exceed their Class “A” counterparts to the north in Tampa and St. Pete. 

“Occupancy rates have consistently maintained well above 95-percent with effective rent growth often exceeding 5-percent annually,” he explains. 

“What makes Bradenton especially unique is that demand for new apartment acquisitions in this market is always very competitive amongst owners that currently own in the area.  It speaks volumes to the market to have current owners fighting it out to expand their footprint in the area due to the success of their current holdings.” 

 The apartment community is located within minutes of some of Bradenton’s largest employers, including Manatee Memorial Hospital, the headquarters for Bealls and Tropicana, IMG Academy and the municipalities for the city and county. Manatee Memorial Hospital alone employs more than 1,445 employees. 

Chris Black
The property is also in close proximity to the medical college LECOM (Lake Erie College of Osteopathic Medicine) which is a major draw to the area with an enrollment of nearly 2,500 students offering post-graduate degrees in dentistry, pharmacy-tech and medical administration.

“One of the key drivers we always look for when acquiring any property is its location near employment, retail and entertainment, and transit. This property checks each of these boxes,” says Gillis.

 “Its unique central location between Tampa and Sarasota with its immediate access to I-75 gives its residents the ultimate flexibility of the areas in which they can work and offers them an unlimited reach of nearby dining, recreation and entertainment options.” 

Constructed in 2015, the apartment community features 17 three-story buildings offering some of the most innovative and expansive amenity packages of any garden-style apartment community in the area.

These amenities include a resident clubhouse and theater, state-of-the-art fitness center, expansive lakeside sun decks, resort-style swimming pools, children’s splash area, 1.2-acre dog park, 1.5 miles of walking trails, cyber café, game room, and kayak/canoe launch and storage with direct access to the Manatee River. 

For a complete copy of the company’s news release, please contact:

Devin Ugland / Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

No comments: