30 West apartments in Bradenton sell for $25M

BRADENTON -- In the richest multifamily real estate deal in Manatee County so far this year, a Minnesota company has paid $25 million for a Bradenton apartment complex that went through foreclosure less than two years ago.

Timberland Partners, a Bloomington, Minn., real estate investment company helmed by a former apartment sales broker, bought the 30 West apartments on May 7, according to the Manatee County property records. The company paid nearly $11 million more for the property than seller Insula Companies of Sarasota did when it purchased the then-bank-owned property in November 2013.

Even at that price, Timberland paid less per unit at 30 West than a New York investment company did for the former Turnbury Park at Palm Aire apartments last July. The 2-decade-old 30 West complex, which includes 17 acres, sold for the equivalent of $94,696 per unit. Turnbury, which is a dozen years newer, went for more than $157,000 a unit.

The 30 West complex at 2835 50th Ave. W. offers one-

and two-bedroom units renting between $810 and $950 per month, according to its listing on the Apartment Guide website.

Through the first quarter, the local apartment market has been tight for renters. Vacancies are at 3.3 percent for multifamily properties in Manatee County. Average asking rent for a two-bedroom apartment is $995, according to Sarasota commercial real estate firm Coldwell Banker Commercial NRT.

The average selling price for existing multifamily buildings was $39,204 per unit in the first quarter.

Insula purchased 30 West from Wells Fargo Bank after the lending institution foreclosed on former owner Braden Lakes Florida. Braden Lakes, which was controlled by a Los Angeles company, according to state records, bought 30 West in 2005 for $16.2 million.

According to its website, Timberland owns 46 apartment complexes in 11 states. It has one other holding in Florida, a 330-unit complex in Clermont.

Insula and Timberland officials did not respond to requests for comment.

Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027, or on Twitter @MattAtBradenton.