Two regional players in the apartment market have made their second sales deal in one month, this time for $33 million for a 300-unit complex in Bradenton.
Aspen Square Management, a West Springfield, Mass. company with apartment holdings in 14 U.S. states, sold the Cypress Winds Apartments at 6904 Manatee Ave. W. on May 25 to GSC of Richmond, Va., according to Manatee County property records. The complex last sold in 2011 for $11.9 million.
For GSC, which owns apartment complexes in five states, this is the second set of rental units it has purchased in Bradenton this year. On April 26, it paid $16.7 million to Aspen Square for the 160-unit Kendall Ridge Apartments at 302 26th Ave. W.
The company now owns five total apartment communities in Florida.
Built in 1974, public records show Cypress Winds consists of 81 two- and three-story buildings clustered between the Beachway Plaza shopping center and Emeritus of Bradenton, an assisted living facility. The apartment community offers one-, two- and three-bedroom units ranging in size from 832 square feet to 1,304 square feet.
Other recent Manatee County apartment transactions include the sale of the Palms at Cortez for $6.3 million on March 22, 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.
Rental rates at Cypress Winds start at $830 a month. The most expensive units in the complex rent for $1,975 per month, according to GSC’s website.
The rates are largely in line with average local rents. In Manatee County, the average rent for a one-bedroom apartment was $950 last month, according to a recent rental rate survey by Apartment List, an online marketplace for apartment rentals. Two-bedroom units averaged $1,520. Both numbers were up .8 percent from April and 6.2 percent from the same time in 2015.