Prominent investors put money into Parrish apartments

PARRISH -- A $22 million mixed-use development project backed by a who's who of investors is expected to bring new apartments to northeast Manatee County by the end of 2016.

301 Oxford, a planned, 168-unit apartment complex to be built in conjunction with retail space near the intersection of U.S. 301 and Fort Hamer Road, would bring rental housing to an area best known for its growing single family subdivisions.

Ron Allen, president of Bradenton-based NDC Construction and one of two managing partners for the project, said his investment group, which includes a congressman and two state senators, initially

got approvals to build offices on the 19-acre property. Since buying the land for $2.5 million in 2006, the development market has changed to favor multifamily housing. The apartment vacancy rate in Manatee County was 3 percent at mid-year.

"If you go to that area and say you want to rent an apartment, that product doesn't exist," Allen said.

A dozen individuals and owners groups are partners in the project. Rep. Vern Buchanan and his wife, Sandra, own the single largest share of the project at 19.8 percent. Allen and the other managing partner, former state Sen. John McKay, each control 13.33-percent shares.

Other notable investors include state Sen. Bill Galvano and his wife, Julie, and a company managed by Bealls' CEO Stephen Knopik and Bealls' vice president and treasurer Michael Maddaloni.

Allen said all the investors in the 301 Oxford project have put their money behind other NDC projects in the past.

The project at 5111 Oxford Road is being reviewed by county planning staff.

Four acres fronting U.S. 301 will be developed as commercial and retail space. Allen said up to four commercial buildings would likely attract a bank and restaurants to a stretch of road he said is short on neighborhood services. Businesses there would likely draw customers not only from the new apartments, but also the nearby Lexington and Harrison Ranch subdivisions.

The apartments would likely be built to a level of finish similar to another NDC project, the recently completed Riversong Apartments in Bradenton.

Amenities would include a pool, a fitness center, a clubhouse and two large lakes. Units in the seven-building, three-story complex would rent at market rate.

The average rent for a two-bedroom apartment in Manatee County was just over $1,000 per month at the end of the second quarter.

Allen said construction could begin next spring. The first building would open for renters within eight months of the project start. Buildings would then open every 30 days thereafter.

Whether the 301 Oxford investing group would retain ownership long term has yet to be decided. Riversong, which was built for an Atlanta developer, sold to a new owner just months after it opened.

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

This story was originally published October 20, 2015 at 11:52 PM with the headline "Prominent investors put money into Parrish apartments ."