MANATEE -- A New York City real estate firm lost more than $20 million after selling the Tradition at Palm-Aire Apartments along the University Parkway corridor in South Manatee, court records show.
Tradition Tarragon LLC sold the property at 8445 Gardens Circle for $13.5 million May 2 to JWC Sarasota TPA LLC.
Tradition Tarragon paid $35 million for the 178-unit complex at the height of the housing boom in 2005 -- selling some of the units off as condos at the time, according to the Manatee County Clerk of the Circuit Court.
JWC Sarasota TPA LLC is based in Providence, R.I. Neither company could be reached for comment.
The property features eight floor plans ranging from one-bedroom, one-bath units at 627 square feet that rent for $805 a month to three-bedroom, two-bathroom units that cover 1,395 square feet and run up to $1,345 per month.
The apartment complex also includes three swimming pools, a hot tub, two lighted tennis courts, a fitness center and club house.
The current management offers leases from seven to 18 months.
Josh Salman, Herald business writer, can be reached at 941-745-7095. Follow him on Twitter@JoshSalman.