Passco Companies, a real estate investment firm based in Irvine, Calif., on Monday purchased ParkCrest Landings, a 400-unit multi-family apartment complex, for $75 million.
Located at 5725 1st Ave. E. in Bradenton, the 67-acre complex features 40 acres of nature preserves and nine acres of lakes along a tributary of the Manatee River.
According to Colin Gillis, the vice president of acquisitions for the Southeast at Passco Companies, Manatee County’s consistent economic growth made Parkcrest Landings an attractive property.
“Bradenton is one of the most dynamic submarkets on the west coast of Florida,” Gillis said in a statement. “Manatee County ... has added more than 11,500 jobs over the last 24 months, and has one of the highest per capita incomes in the state.”
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Developed by Tampa-based CKT Development, Parkcrest Landings was built near Tom Bennett Park in 2015 and has 17 three-story buildings.
“Occupancy rates (in Manatee County) 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 among 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.”
Gillis said another attractive quality was ParkCrest Landings’ proximity to some of Bradenton’s largest employers, including Manatee Memorial Hospital, Bealls and Tropicana, as well as Lake Erie College of Osteopathic Medicine, which has an enrollment of nearly 2,500 students.
“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,” Gillis said.