Springs at Braden River apartments fetch $38.7 million

A Wisconsin-based real estate developer last week sold the Springs at Braden River apartments to a New Jersey-based private equity firm for $38.7 million.

The Springs at Braden River apartments, now known as the Lory at Braden River, 702 51st St. E., were built 12 years ago. The complex offers studio, one-, two- and three-bedroom townhome-style apartments spread throughout 15 two-story buildings. An employee who answered the phone Wednesday said the complex doesn’t have rent prices available yet.

The buyer, Lexerd Capital, “primarily invests in opportunistic middle-market, multi-family real estate investments throughout the United States,” according to lexerdcapital.com.

The seller, Continental Properties, develops and manages apartment homes and retail properties. Continental also has worked on two hospitality projects – one in Boca Raton and another in the Chicago area.

There are 270 total Lory at Braden River units situated next to a protected nature preserve spanning 15 acres, according to apartments.com. The rental community also has a leash-free dog park, a 2-acre nature park with walking trails, sand volleyball courts, a 24-hour fitness center and a horseshoe pit.

For more information on the Lory at Braden River, call the complex at 941-741-8400.

This story was originally published August 23, 2017 at 1:02 PM with the headline "Springs at Braden River apartments fetch $38.7 million."