Gates of Bradenton apartments sell for $20.5 million
MANATEE -- A Virginia real estate investment company has added a 256-unit apartment complex in Bradenton to its growing Florida apartment portfolio by more than doubling the previous owner's initial investment.
On April 1, two companies associated with Harbor Group International of Norfolk, Va., paid $20.5 million for The Gates of Bradenton, a 41-year old set of apartment buildings at 4515 26th St. W. The sale is the largest multifamily deal in Manatee County in 2016 since the 336-unit Sawgrass Cove Apartments sold for $39.25 million on Jan. 28.
According to its website, Harbor Group owns five other apartment complexes in Florida. Its holdings now total 1,423 units in Bradenton, Orlando, Jacksonville, West Palm Beach, Alamonte Springs and Daytona Beach.
It bought the complex, in part, with a $15.3 million mortgage from New York Community Bank
Manatee County records show Harbor Group paid the sellers, two companies related to Fieldstone Properties of Parsippany, N.J. a $12 million premium over what it bought The Gates for in 2000. Fieldstone made some improvements to the property during its ownership, including replacing a number of air conditioning units and replacing several balconies attached to apartment units, permitting records show.
The 16 buildings at The
Gates offer one- and two-bedroom apartments.
The property's website advertises one-bedroom units starting at $760 per month. Two-bathroom, two-bedroom units go for as much as $962. That pricing is below the local average.
According to the Sarasota office of Coldwell Banker Commercial NRT, the average rent for a two-bedroom apartment in Manatee County was $1,063 per month at the end of last year. The five-year average is $904.
Built on just over 13 acres, The Gates include several amenities, including a fitness center, a pool and tennis courts.
It is also gated, providing remote entry to residents.
Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027 or on Twitter @MattAtBradenton.
This story was originally published April 12, 2016 at 11:25 PM with the headline "Gates of Bradenton apartments sell for $20.5 million ."