Cushman & Wakefield announced today that the commercial real estate services firm has arranged the sale of The Palms at Cortez, a 92-unit apartment community located in Bradenton, Florida. The final sale price was $12.05 million.
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, global real estate private equity firm Asia Capital Real Estate (ACRE), in the transaction. Pedcor Companies, which develops, constructs and manages commercial buildings and affordable and market-rate apartments throughout the United States, acquired the property.
“The Palms at Cortez received almost $10,000/unit in recent renovations by the seller,” said Donaldson. “The property has excellent curb appeal, majority two-bedroom floor plans and was well amenitized for an under 100 unit community.”
Located at 3810 5th Street East, the property is within minutes of the DeSoto Square Mall Redevelopment Project with plans to include more than 16,000 square feet of retail space, a 40,000-square-foot grocery store and 60,000 square feet of new office space. Amenities include a swimming pool with sundeck, outdoor fitness equipment and BBQ/picnic areas.
“We were able to secure a 1031-exchange buyer that was optimistic the property could be stabilized given their presence in the market with another community,” added Meoli. “Much of the community stabilized while we were under contract once the state eviction moratorium was lifted that allowed the buyer to focus more on their value-add program as soon as they took over.”