Bradenton apartments sell for $55,195 per unit

Miami /
Oct.October 25, 2015 01:00 PM

Capstone Apartment Partners brokered the sale of a 40-year-old apartment complex in Bradenton for $8.5 million, or $55,195 per unit.

Axonic Capital, the buyer of the 154-unit Avalon Square Apartments, is an active investor in Class B and Class C apartment properties along Florida’s Gulf coast.

Charlotte, North Carolina-based Capstone represented and did not identify the seller of Avalon Square, which was built in 1975.

The apartment complex, which has a 97 percent occupancy rate, is centrally located in Bradenton at 3505 14 Street West, with easy access to downtown Bradenton and beach areas.

“Axonic plans to address outstanding deferred maintenance items and increase the number of amenities available to the tenant base,” Capstone broker Jad Richa said in a prepared statement. “The asset is well located near 14th Street West and Cortez Road, with close proximity to hundreds of retail and service providers.”

Richa was the lead broker in the Avalalon Square sale. Capstone’s Enon Winkler, Deuce Bies and Brian Hunsicker also represented the seller. – Mike Seemuth

 

Related Articles

arrow_forward_ios
rendering of the Nautilus 220 condo project with Developers Daniel Kodsi of Royal Palm Companies and Peter Baytarian, managing partner at Forest Development (LinkedIn, Forest Development, VS Studios)
Forest Development, Royal Palm nab $269M condo construction loan
Forest Development, Royal Palm nab $269M condo construction loan
From left: Oak Row Equities' David Weitz and Erik Rutter with Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
LCOR's Anthony Barsanti and Anthony Tortora with 1775 Biscayne Boulevard (LCOR, Zillow) Arts & Entertainment District
Developer pays $49M for Arts & Entertainment District dev site with plans for 540-unit rental tower
Developer pays $49M for Arts & Entertainment District dev site with plans for 540-unit rental tower
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Renderings of Venus with Erik Rutter and David Weitz (ImageFiction)
Carpe secures approval for North Miami Beach mixed-use apartment project
Carpe secures approval for North Miami Beach mixed-use apartment project
From left: Damien Barr and Ned Grace of NDT Development; Joe Furst of Place Projects; a rendering of the planned redevelopment of the Nora District in downtown West Palm Beach (ArquitectonicaGEO, Place Projects, NDT Development)
West Palm developers secure capital partner for Nora District projects
West Palm developers secure capital partner for Nora District projects
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...