A joint venture between Defined Companies, LLC, co-founded and led by Noah Leon and Steven Guasch, and Nadeb Investments Group, Inc., led by President Eben Mensah, has purchased a 7.86-acre parcel located adjacent to the Ellenton Premium Outlets in Manatee County, FL, in an all-cash transaction.
The property, located at 5950 Factory Shops Blvd., was previously approved for retail and commercial uses, and the partnership successfully re-entitled and permitted the property for a 4-story, mid-rise style, 235-unit luxury apartment community with resort-style amenities.
The project’s location is ideal, providing convenient access to I-75 and U.S. Route 301. Additionally, the project will provide a unique live-and-play experience for residents with walkability to the adjacent mall, local dining and entertainment.
“With the ever-changing capital markets constraining construction financing, developers must prepare themselves to protect and carry their investments until there is a sense of normalcy,” said the partnership.
Advisors from SVN Commercial Advisory Group represented the seller, OHM TEERTH DEVELOPMENT, LLC, in the $4.95 million transaction.
“This property is an excellent spot for a multi-family complex of this caliber, but it took some rezoning by the buyer to make it happen,” said Tony Veldkamp, CCIM, Senior Advisor. “The land had been approved for uses ranging from a movie theater to a 330-room hotel to some expansive retail space. In the end, though, this apartment building will serve the community very well.”
Matt Fenske, also of SVN Commercial Advisory Group, said that the planned construction is indicative of a boom the surrounding area has experienced in recent years.
“The North River market has more than 23,000 new homes approved or being built,” said Fenske, an Advisor for the Sarasota- and Tampa-based group. “Manatee County is one of the fastest-growing counties in the state and this new construction will help accommodate some of that population influx.”
About Defined Companies
Founded in 2017, Defined Companies is a real estate investment company whose core focus is creating value through the development of high-quality multifamily residential communities.
Headquartered in Fort Lauderdale, Florida, with operations in South Florida and Southwest Florida, Defined has a reputation of completing successful projects and is currently developing new communities within the regions.
Defined’s flexibility to pivot and adapt to the ever-changing capital and real estate markets is evidenced in their proven ability to meet and exceed expectations.
To learn more visit www.DefinedCos.com.
About Nadeb Investment Group
Nadeb Investment Group, Inc. is a Florida registered real estate development entity specializing in the acquisition, development, construction, and management of multi-family residential communities. Nadeb provides top-notch multi-family communities with customized living experience and state-of-the-art facilities that are environmentally sustainable and tailored to meeting the sophisticated active lifestyle needs of our up-mobile residents/guests.
About SVN Commercial Advisory Group
A full-service commercial real estate brokerage firm, SVN Commercial Advisory Group works with large corporations, middle market businesses and individual entrepreneurial investors. The group provides advisory services for the sale, leasing and management of commercial properties. Advisors at SVN Commercial Advisory Group have deep experience working with many types of investment real estate. They serve the greater areas of Sarasota, Manatee and Charlotte counties. For more information on the SVN Commercial Advisory Group, visit suncoastsvn.com.