Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Oasis at Belmont Park, a 234-unit apartment community located in Manatee County at 4300 18th St. W.
Nick Meoli and Mike Donaldson of Cushman & Wakefield represented both the seller and buyer in the transaction. Denny St. Romain, Charles Crapse, and Alex Kupp of Cushman & Wakefield also arranged the buyer’s acquisition financing. The lender on this transaction was Blue Vista Capital Management. The property was sold by Broad Management and acquired by a joint venture between KRI Partners and Capstone Realty Group USA.
“Oasis at Belmont Park is centrally located in a highly sought-after retail corridor in Bradenton, Florida with quick access to some of Florida’s top beaches,” said Meoli, Vice Chairman at Cushman & Wakefield. “Within the last few years, the seller implemented over $3.25 million in capital improvements, allowing new ownership ability to build off of these improvements to further enhance the property.”
Oasis at Belmont Park was built in 1971 and was 98% leased at the time of sale. The value-add, garden style community features 11 buildings spanning three stories and is conveniently located next to key employers including several medical centers and shopping malls.
The community also benefits from its location in Manatee County, which is conveniently located a short drive away from Interstate 75, numerous newly developed master planned communities, and Downtown St. Petersburg.
Amenities include a swimming pool with a pavered sundeck, club house, courtside picnic area, and on-site leasing office. Oasis at Belmont Park also offers value-add opportunity through continued improvements that can be made to the units and common areas.
According to Managing Partner Brad Gillman of Capstone Realty Group, USA, “Oasis at Belmont Park is consistent with our long-term strategy to acquire properties that continue to need capital improvements and are in growing markets like as such, we look forward to acquiring additional properties in this area.”
Managing Partner Rob Friedberg of Capstone Realty Group, USA added, “We are very excited and look forward to executing the business plan alongside our joint venture partner Ken Gee of KRI Partners.”
“Given the significant market growth and upside potential, 19 offers were generated,” noted Donaldson, Vice Chairman at Cushman & Wakefield. “The buyer is a hands on operator who is well experienced in repositioning properties and intends to fully renovate the property making it more competitive in the submarket.”