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BUYER: Lost Creek Apartments LLC (Thomas Cavanaugh, president), Winter Park
SELLER: SMR North 70 LLC
PROPERTY: 13003 E. State Road 70, Bradenton
PRICE: $3.47 million
ATTORNEY ON DEED: Daniel J. Perka, Esq., Lakewood Ranch
PLANS, DESCRIPTION: Winter Park-based P.A.C. Land Development Corp. purchased 24 acres in Lakewood Ranch for $3.47 million.
The price equated to $144,500 per acre.
The developer plans to build a 272-unit multifamily project on the site, says Brian Kennelly, president of LWR Commercial Realty. Construction is scheduled to begin by March.
The project, Lost Creek Resort Apartments, will be the second apartment development in the entire Lakewood Ranch community, after the 288-unit Colonial Grande.
Plus, Kennelly says a market report of apartments east of U.S. 301 and north of Clark Road showed only 10 apartment complexes in that area. The complexes had an average occupancy of 97.5% and Colonial Grande was at 100%.
“I've seen some of their Orlando properties and their amenities package is pretty impressive,” Kennelly says. “Everything is first class. It's exciting to think that this is the first new apartment project built in Manatee County since 2005. There have been no new apartments in Sarasota County since '02.”
P.A.C. Land Development has an option to buy additional land to the south of the site, with room to develop 228 units.
The purchase entity Lost Creek Apartments LLC mortgaged the property to RBC Bank USA for $20 million.
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