$25 Million Manatee County, FL Multifamily Property Sold by Marcus & Millichap

Frank Carriera

 BRADENTON, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 30 West Apartments, a 264-unit multifamily community located in Bradenton, Fla. 

The $25 million sales price equates to $94,700 per unit.

            Frank Carriera and Michael Regan, vice presidents investments in Marcus & Millichap’s Tampa office, represented the seller, Insula Companies, and procured the buyer, Timberland Properties.

            “The property is a fully stabilized asset with a history of high occupancy and strong, consistent cash flow in a thriving rental market,” says Carriera. 

“The Bradenton submarket recorded an average occupancy of 97 percent in Q3 2014, which marked the seventh consecutive quarter with average occupancy higher than 96 percent.

“These strong market fundamentals helped support our marketing campaign, which generated significant interest from investors nationwide and created a competitive bidding environment for the property.”

           

 “The 30 West apartment community received $1.45 million in renovations during 2013, and additional opportunities for value enhancement remain,” adds Regan.

Michael P. Regan

            The property is located at 2835 50th Ave. West in Bradenton between two major retail corridors, Cortez Road and 53rd Avenue/State Road 70. 

Area employers include Manatee County Schools, Bealls Inc., Manatee County, Manatee Memorial Hospital, Tropicana Products Inc., Blake Medical Center, Publix, Sysco West, Coast Florida Inc. and Pierce Manufacturing.

           State College of Florida, a four-year public college with approximately 30,000 students and IMG Academy, an athletic training facility that draws 12,000 athletes from around the world to Bradenton each year, are nearby. The popular tourist destination, Anna Maria Island, is a 15-minute drive away.

            All units at 30 West Apartments feature screened-in patios or balconies and storage closets, ceiling fans and walk-in closets. 

Community amenities include two lighted tennis courts, an on-site laundry facility, a fitness center, playground, dog-park, clubhouse, resort-style pool, outdoor kitchen with two gas grills and a pond with park benches and picnic tables.

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

Gina Relva

Public Relations Manager

(925) 953-1716