BRADENTON -- Kendall Ridge, a 160-unit apartment complex near the DeSoto Square mall, has been sold for the first time on the open market.
Built in 2002, the 16-bulding complex at 302 26th Ave. W. sold on April 13 for $16.7 million. According to Manatee County property records, the seller was a company related to Aspen Square Management of Springfield, Mass. The buyer, Kenf LLC, is in Richmond, Va., records show.
Aspen sold Kendall Ridge out of a portfolio that includes over 100 multifamily properties across 16 states. The company's website shows that it still owns a number of Florida apartments, including the Cypress Winds complex in Bradenton.
The Kendall Ridge property has changed hands several times over the past 14 years in transactions between Aspen subsidiaries. It was previously known as the Sheridan Place Apartments.
Kendall Ridge advertises two- and three-bedroom
apartments that rent from $1,009 to $1,269 monthly. That is in line with average, two-bedroom rents in Manatee County, which hit $1,063 per month at the end of last year, according to a Coldwell Banker Commercial NRT study.
Other recent Manatee County apartment transactions include the $43 million sale of the Vista at Palma Sola Apartments on Dec. 21, a $70 million deal in January that put the former TGM Yacht Club Apartments under new ownership and the $39.25 million sale of the Sawgrass Cove Apartments on Jan. 28. More recently, the six-building Palms at Cortez sold for $6.3 million on March 22.
Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027 or on Twitter @MattAtBradenton.