BRADENTON -- An apartment complex just across the street from the Bradenton campus of the State College of Florida has sold for $11.2 million.
The seller, a subsidiary of Tampa-based Landmark Apartment Trust, sold the 11-acre, 166-unit Lofton Meadows complex at 6050 34th St. W., Bradenton to a pair of buyers Aug. 28. According to Manatee County property records, the majority buyer was a subsidiary of Las Vegas-based Champions Walk Residential Investors, Bradenton Reserve. Bradenton Reserve now owns 88 percent of the interest in the property. An associated company, Samella Properties, LLC purchased the remaining 12-percent share.
Landmark purchased Lofton Meadows in 2008 for $8.5 million.
Adam Jacobson, a Champions Walk and Bradenton Reserve owner and one of the new owners at Lofton Woods, said the apartment complex is one of four companies he owns in Bradenton. The other complexes include Champions Walk Apartments at IMG Academy and Palm Cove of Bradenton.
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In a rental market that has been sitting at about 2-percent vacancy through the summer, the purchase is intended to give Jacobson's companies a larger footprint in the Bradenton area. He said the new ownership will undertake a renovation program that will rehab the exterior of the 28-year-old complex, and will bring new finishes to the kitchens and bathrooms in the living units.
The complex is also being rebranded under the name Bradenton Reserve. It currently has a vacancy level of less than 5 percent.
Jacobson said he expects to own the complex for some time.
"We go in with a long-term eye," he said.
The new ownership has yet to establish new rental rates. Jacobson said despite its location, Bradenton Reserve doesn't have many students from the college renting units. He said the typical renter at the complex is "just your average Bradenton resident."
Jacobson is based out of Davie in south Florida.
Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027, or on Twitter@MattAtBradenton.