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| 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.
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| 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.
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| 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.
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| 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
