Atlanta-based real estate investment trust Preferred Apartment Communities has closed on the purchase of Luxe Lakewood Ranch, a Bradenton multifamily community. Located on Luxe Ave. in the upscale Lakewood Ranch district, the 280-unit property was completed last year. Amenities include a resort-style, salt-water swimming pool, clubhouse, fitness and business center along with a billiards room. Terms of the sale were not discloed but P.A.C. completed the deal with a $39.3 million non-recourse, first-mortgage loan from Fannie Mae originated from Berkadia Commercial Mortgage. The first mortgage loan holds a fixed interest rate of 3.93 percent per year, maturing in 2027 and a 30-year amortization. The property was built 24 on acres in 2016.
“This acquisition demonstrates our continued focus to lower the average age of our premier Class A multifamily community portfolio,” Preferred Apartment chairman/CEO John A. Williams said in a statement. “Luxe Lakewood Ranch is ideally located in a superb master planned community, with immediate access to jobs, restaurants, shopping and recreational areas.”
