Investor run on Bradenton apartments continues. This one sold for nearly $20 million

The Preserve at Manatee Bay, a 152-unit apartment complex with a main address of 5901 28th Ave. W., recently sold for $18,750,000.

The apartment complex, located near G.T. Bray Park, previously sold in 2014 for $13,595,700.

The new owner is Beverly Hills, Calif.-based Latitude Manatee LLC. The seller was BRK Preserve at Manatee Bay, L.P., of Atlanta, according to a report released by the Manatee County Clerk of Circuit Court’s Office.

The sale was the largest of the still-young year in Manatee County, and yet another in a long line of multi-family housing complexes to sell during the past year.

A number of factors play into the ongoing surge of investor interest in apartment complexes, said Janet Robinson, commercial director for Coldwell Banker Commercial NRT’s West Central Florida region.

“People are moving their money from California and New York. Some of that has to do with the new tax laws,” she said.

Investors also are interested in apartment complexes with at least 100 units. That’s the “sweet spot” for allowing the owners to be able to hire a property manager, she said.

Savvy investors also know that new residents continue to flock to Florida at the rate of 1,000 a day. They are attracted by the quality of life and the price of housing, which is frequently less than where they previously lived.

“They are either looking for new construction or for apartments,” Robinson said.

During the past year, some of the notable Manatee County multifamily housing sales include:

▪  The 360-unit Echo Lake Apartments at Lakewood Ranch, 11502 Echo Lake Circle, sold for more than $76 million.

▪  The 376-unit Champions Walk apartment complex, 4148 53rd Ave. W., sold for $58 million.

▪  The 264-unit Lost Creek at Lakewood Ranch, 11140 Lost Creek Terrace, sold for $50,500,000.

▪  The Bradenton Reserve Apartments, 6050 34th St. W., sold for $19 million.

▪  The 196-unit Palmetto Trace Apartments at 708 Second Ave. E., sold for $18.7 million.

▪  The 178-unit River Trace Apartments, River Trace Circle, sold for $15,949,500.

▪  The 254-unit Avalon Square Apartment Homes, at 3506 14th St. W., sold for $11,988,000.

Calls for comment to the new owners of The Preserve at Manatee Bay were not immediately returned.

This story was originally published February 7, 2018 at 1:32 PM with the headline "Investor run on Bradenton apartments continues. This one sold for nearly $20 million."