Two apartment complexes in Manatee County were sold to an affordable housing nonprofit at the end of December for a combined $13.65 million.
Largo-based Ellenton Apartments LLC sold the Oaks at Ellenton Apartments, 1651 36th Ave. E., for $9.5 million. Elm Lake Apartments LLC, also based in Largo, sold Elm Lake Apartments, 6318 14th St. E. for $4.15 million. Both of the complexes were sold to two separate Harmony Housing LLCs.
Harmony Housing is a nonprofit organization based in Douglasville, Georgia. Stephen Rosenberg founded Harmony Housing in 1988 after he founded Greystone & Co. Inc., a New York-based real estate development and management company.
“Harmony Housing has affordable housing properties around the U.S.,” Greystone Director of Communications Karen Marotta said. “We preserve and maintain the apartments as affordable housing.”
Harmony Housing has properties in Florida, Indiana, Kentucky, Louisiana, North Carolina, Tennessee, Texas and Wisconsin.
The nonprofit focuses “exclusively on the acquisition of existing affordable housing assets that are at, or nearing the end of, their initial compliance periods,” according to the Harmony Housing website.
The rent cap at the 168-unit Oaks at Ellenton Apartments and 64-unit Elm Lake Apartments was one reason the prior owner, Ben Mallah, decided to sell.
“We felt that the market was at a height right now and we didn’t want to miss the opportunity,” Mallah said.
His company Equity Management Partners managed both complexes while under his ownership. The sale of Oaks at Ellenton and Elm Lake Apartments marks the end of Mallah’s property ownership in Manatee County for now.
The Oaks at Ellenton complex, comprising 150,000 square feet, was built in 1996. Elm Lake Apartments was built in 1983 and has roughly 62,400 square feet across all units. Mallah purchased both properties in 2015.