A joint venture between Atlas Real Estate Partners and Blue Whale Enterprises has sold a 336-unit apartment community in Manatee County, Fla to Inland Real Estate Corp. Changing hands for $39 million, (ca. $116,071 per unit), Sawgrass Cove Apartments is located 4801 47th Ave., W. in Bradenton. It features a business center with conference room, a car care center, lighted tennis and half basketball courts, resort-style swimming pool; state-of-the-art fitness center; and dog park. The sellers purchased the property in 2011 for $23 million, and invested an additional $3 million in capital improvements. The complex was 99 percent leased at the time of closing.
“This was an excellent transaction for Atlas and its investors in that is showcased our value-add investment strategy of buying mis-managed apartment communities located in growing submarkets,” said Arvind Chary, managing principal at Atlas. “The favorable macro trends of the apartment market, combined with the growth of the Bradenton market and our value-add expertise, enabled us to deliver superior risk-adjusted returns to our investors.”
