A Bonita Springs-based real estate investment firm made almost $6.5 million in profit after owning a West Bradenton apartment complex for two years.
Harbour Pointe apartments, a 234-unit complex near the intersection of Cortez Road West and 75th Street West, was sold to a Richmond, Va.-based company for $27.6 million in mid-January, according to Manatee County property records. Harbour Pointe Apartments LLC, an affiliate company of Bonita Springs-based TerraCap LLC, purchased the property in January 2015 for $21.1 million.
Steve Good, director of asset management for TerraCap, said improved market conditions allowed the company to sell the apartments for more than $6 million than what it paid in 2015.
“When we purchased the property, it was probably one of the lower rents per square foot,” Good said. “We wanted to improve the inside of the units and make improvements on the grounds and push the rents to more of a market number; to what everyone else is doing already.”
TerraCap bought the complex from Chicago-based Sands Bay Apartments LLC, which purchased the 190,000-square-foot property for $22 million in March 2006.
We weren’t really planning on the market to get as hot as it did, but it certainly helped. It continues to be that way. I don’t think that will change anytime soon. People still need apartments and home owning; people start doing that later in life than they did in years past.
Steve Good, director of asset management for Bonita Springs-based TerraCap
Richmond, Va.-based HBRF LLC is an affiliate of General Services Corp., an apartment ownership and management company. General Services Corp. owns properties in Florida, Georgia, Nevada, North Carolina and Virginia. In December, General Services Corp. purchased Sun Chase Apartments in Bradenton for $20 million.
Attempts to reach General Services Corp. representatives were unsuccessful.