The ParkCrest Landings apartment community in the Tampa sub-market of Bradenton has changed hands in a $75 million deal. The buyer, Passco Cos., picked up the 400 unit complex on 1st Ave. East, for $187,500 per unit. The property was built in 2015 by Tampa-based CKT Development on a 67-acre site that includes nine acres of lakes and 40 acres of nature preserves along a tributary of the Manatee River. The complex has 17 three-story buildings. Amenities includine a clubhouse and theater, fitness center, lakeside sun decks and swimming pools. JBM Chairman & CEO Jamie May represented both Passco and CKT Development (the vendor) in the transaction. Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged Fannie Mae acquisition financing for Passco.
Passco was attracted by the property’s location in Bradenton, which is experiencing economic expansion. “Bradenton is one of the most dynamic submarkets on the west coast of Florida,” said Colin Gillis, vice president of acquisitions for the Southeast at Passco Cos. “Manatee County has been one of the most stable counties in the state of Florida since 2010, and is continuing to demonstrate consistent economic growth. It has added more than 11,500 jobs over the last 24 months, and has one of the highest per capita incomes in the state.”
