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BUYER: Bradenton Multifamily DST (The
Corporation Trust Co.), Oak Brook, Ill.
SELLER: Lost Creek Apartments LLC
PROPERTY: 11140 Lost Creek Terrace (13003 E. State Road 70,) Bradenton
PRICE: $39.25 million
PREVIOUS PRICE: $3.47 million, December 2010
LAW FIRM ON DEED: Holland & Knight LLP, Orlando
PLANS, DESCRIPTION: One of the companies in The Inland Real Estate Group of Cos. Inc. purchased the 272-unit Lost Creek Resort at Lakewood Ranch for $39.25 million.
The price equated to $144,304 per unit.
Inland's centralized purchasing company Inland Real Estate Acquisition Inc. handled the acquisition for an undisclosed Inland-related company.
Lakewood Ranch Commercial Realty President Brian Kennelly says the complex's performance not only shows the area's need for apartment housing, but also confidence in Lakewood Ranch's real estate market.
“The product itself was designed well and well thought out, well amenitized and they really were able to meet that demand,” Kennelly says. “The project was a large investment for the developer. For it to fill up the way it did and for a national REIT to swoop in and buy it seven months after it opened is really a vote of confidence for Lakewood Ranch and the strength of the market.”
G. Joseph Cosenza, vice chairman and a director of The Inland Real Estate Group and president of Inland Real Estate Acquisitions, describes the community in glowing terms.
“The lenders loved this deal,” he says. “We got an interest rate that's fixed for 10 years at 3.94%. At the same time, our management company is telling me that this is one of the best apartment complexes that Inland has ever purchased.”
He says the appeal comes down to a combination of the community's attributes, including its great location in Lakewood Ranch near major transportation hubs, unique amenities, occupancy and the quality of the units and community.
The 24-acre development, which was completed earlier this year, features a large swimming pool, clubhouse, indoor air-conditioned basketball court, fitness center, theater room and sand volleyball court. The property also includes 78-detached garages.
Inland agreed to buy the property from the former owner/developer Winter Park-based P.A.C. Land Development Corp. when the community's occupancy reached 95%. It reached that percentage in early August, months before expected, and is now fully leased with a waiting list, Cosenza says.
“The builder did an absolutely fabulous job there,” he says. “[The success of this community] is a true compliment to P.A.C. Land Development. They dreamed it up and took all the risks. This is a much better community than I ever expected it would be.”
HFF Florida's multi-housing group, led by director Matt Mitchell and analyst Scott Wadler, represented the seller in the transaction.
Since January 2005, Inland companies have purchased 1,159 properties valued at more than $17 billion.
— with additional reporting by Pam Eubanks, correspondent
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