The Real Deal Miami

Manatee County apartment complex sells for $38M

A Wisconsin-based company paid $212,111 per unit for The Point at Bella Grove, which opened last year
July 22, 2018 04:00PM

The Point at Bella Grove (Credit: Apartments.com)

The $38 million sale of a new apartment complex in Manatee County is part of a flurry of high-priced sales of rental housing developments in southwest Florida.

A company allied with Bayside, Wisconsin-based Katz Properties Inc. paid $211,111 per unit for The Point at Bella Grove, a 10-acre complex of four-story apartment buildings with 180 units.

Monthly rents for the one-, two- and three-bedroom apartments range from $1,229 to $1,839. Among the common-area amenities are a gym, swimming pool and clubhouse.

The seller of the property, Waypoint Residential LLC of Atlanta, developed The Point at Bella Grove, which opened last year in southern Manatee County. It is west of Tuttle Avenue and north of University Parkway.

Recent high-price sales of rental properties in southwest Florida include the $54.7 million sale of Anson on Palmer Ranch, a 248-unit apartment complex in Sarasota.

In the last two years, other rental properties in the region that sold at eight- and nine-figure prices include 900-unit Carlton Arms of Bradenton ($110.5 million), 360-unit Echo Lake in Lakewood Ranch ($76.1 million), 392-unit Yacht Club at Heritage Harbor ($70.5 million) and Tuscany Apartments in Sarasota ($70.5 million). [Sarasota Herald-Tribune]Mike Seemuth