WEST BRADENTON - A 30-year-old apartment complex owned by the same company for its entire life has sold to a company best known as a co-investor in the most luxurious neighborhood in Lakewood Ranch.
Starwood Capital Group, a global real estate investor with corporate offices in New York and London, purchased the 152-unit Preserve at Manatee Bay apartments at 5933 28th Avenue W. on Oct. 30 for $13.6 million. The seller, Berkshire Group of Boston, had owned the complex since 1985, when it purchased it from Westco Builders for $957,000, according to Manatee County property records.
Starwood acquires a property featuring 19 residential buildings, a community clubhouse and swimming pool on 12.6 acres just a few blocks south of Blake Medical Center. It was last updated in 2008, when Berkshire installed new roofing and replaced siding on all the buildings.
Just over a year ago, Starwood subsidiary Starwood Land Ventures inked a $45 million deal with Lakewood Ranch master developer Schroeder-Manatee Ranch, Inc. to develop more than 600 home sites in luxury neighborhood Country Club East.
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The apartment units at the Preserve at Manatee Bay are arranged in two-story eight-plexes. The one- and two-bedroom units range in size from 840 square feet to 1,040, according to the complex's website. Monthly rent for the units range from $758 to $1,039.
The website states that the complex has no vacant units available for rent.
The multimillion sale is one of several in the multifamily market in Manatee County this year. The largest so far occurred in July, when TGM Associates of New York bought the former Turnbury Park at Palm Aire apartments $45.15 million.
Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027, or on Twitter@MattAtBradenton.