Wonder what $110 million will buy you in Bradenton? Here’s your answer

Multi-family rental complexes have been a hot commodity in Manatee County during the past year, with the latest transaction attracting a price of more than $100 million.

Carlton Arms of Bradenton, a 900-unit waterfront complex that borders the Manatee and Braden rivers, was purchased by Jupiter-based real estate development and management company FLF Holdings for $110.5 million.

FLF Holdings bought the 38-year-old complex from The Mahaffey Apartment Co., which had owned and managed Carlton Arms since it opened in 1980.

According to a news release, Carlton Arms – with rents ranging from $793 to $1,250 a month – was nearly fully leased at the time of the transaction.

Elliott Throne, the managing director at Holliday Fenoglio Fowler, which marketed the property, said FLF Holdings likely would make significant renovations to the rental community.

Janet Robinson, the commercial director for Coldwell Banker Commercial NRT’s West Central Florida region, recently told the Bradenton Herald that a number of factors play into the ongoing surge of investor interest in apartment complexes.

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

The Carlton Arms complex features more than 12,000 square feet of retail space, swimming pools, tennis and basketball courts, clubhouses, guest suites, a fitness center and docks containing 50 boat slips.

During the past year, some of the notable Manatee County multi-family 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 $50.5 million.

▪ The 103-unit Bradenton Reserve Apartments, 6050 34th St. W., sold for $19 million.

▪ The 152-unit Preserve at Manatee Bay, 5901 28th Ave. W., sold for $18.75 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.

This story was originally published March 15, 2018 at 12:24 PM with the headline "Wonder what $110 million will buy you in Bradenton? Here’s your answer."