Palmetto Trace and Citywalk apartments are among the deals
MANATEE COUNTY — Two apartment complexes and a vacant industrial building were among the latest top-dollar real estate deals here.
The 196-unit Palmetto Trace Apartments sold for $18.7 million as part of a large multifamily housing acquisition by real estate investor Starwood Property Trust Inc.
Palmetto Trace, 708 2nd Ave. E., has two- and three-bedroom units that are billed as affordable housing. The complex, which is fully occupied, rents three-bedroom units for $948 a month and two-bedroom units for $817 a month. Built in 1998, the complex is on 12.5 acres.
Starwood Property, an affiliate of global private investment firm Starwood Capital Group of Greenwich, Connecticut, acquired Palmetto Trace when it paid $600 million for a 28-property Florida affordable housing portfolio totaling 6,185 units. Most of the properties are in the Orlando area.
“This uniquely structured, off-market investment in a high-quality multifamily affordable housing portfolio is a great way to begin 2018,” said Barry Sternlicht, chairman/CEO of Starwood Property. “The properties are located in Florida markets with strong fundamentals. Given the persistent supply/demand imbalance for high quality rent restricted housing coupled with its attractive financing, we believe this investment will provide stable and attractive double digit cash-on-cash returns over the long term.”
Starwood Property is the largest commercial mortgage real estate investment trust in the country.
Seller Palmetto Dunes Ltd., an Orlando company managed by Louise E. Vogt, was the original owner, records show.
The 139-unit Citywalk Apartments was sold for $8.2 million, the second time it changed hands in just over a year.
The 37-year-old complex on 9.6 acres at 2019 Fifth St. W., Bradenton, was acquired by Bradenton Citywalk LLC, a company managed by Mike Rovner of Moorpark, California, according to county records.
Citywalk rents one- and two-bedroom apartments priced from $650 to $900. It was formerly known as Cedar Tree Village Apartments.
Seller Samjack Homestead LLC of Pembroke Park bought the complex for $6.5 million in November 2016. Samjack is managed by Sam Jazayri, John Tavone and Rene Sanchez, state records show.
Samjack financed the sale with a $6.7 million loan.
Palmetto industrial property
An industrial property in Palmetto was sold for $6.5 million, less than a year after its last sale.
A Miami company headed by Eric Nabydoski purchased the vacant 54,000-square-foot office/warehouse building, formerly leased to Peek Traffic Corp., in Gulfcoast Corporate Park, 2906 Corporate Way, records show. Peek, which manufactured traffic systems, left the building in 2014 after its lease expired.
The seller, an affiliate of Seefried Industrial Properties, a privately owned company from Atlanta that develops and leases industrial real estate, bought it for $4.3 million last February. It had previously been in foreclosure.
The new owner financed the purchase with a $4.87 million loan from Gibraltar Private Bank & Trust of Coral Gables.