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News & Notes

East Manatee County apartment complex sells for $102 million

In the week's top commercial real estate news, more storage coming to Cape Coral, money for a housing study in Tampa and 412 apartments coming to Lee County.


  • By Louis Llovio
  • | 5:00 a.m. November 26, 2023
  • | 2 Free Articles Remaining!
A 400-unit apartment complex in Bradenton sold for $102 million.
A 400-unit apartment complex in Bradenton sold for $102 million.
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Naples/Fort Myers

Building up: Construction has started on a 412-unit apartment development in Cape Coral. West Palm Beach-based Shoreham Capital broke ground on the property on Tierra De Paz Loop in late November and expects to finish work in mid-2025. Shoreham is building the property, Siesta Lakes, with the Bridge Investment Group from Utah and Wynkoop Financial from Colorado. It is using a $66 million construction loan on the $120 million project. The trio paid $11.5 million for the 26-acre property last year. When done, the complex will include one-, two-, and three-bedroom open concept units each with a private balcony and a view of a private lagoon.

Storage wars: An Indiana company has bought 5.77 acres in Cape Coral and is planning to build a storage facility there. According to Lee County property records, Shamrock Builders in Indianapolis bought the property at 3410 Chiquita Blvd. S. for $2.5 million. Colorado-based firm Newcom Real Properties was the previous owner. A spokesperson for LQ Commercial, the transaction agent on the deal, says when complete the property will have 125,000 square feet of rentable space. The Fort Myers commercial real state firm says it will be a CubeSmart facility.

For your eyes only: Warby Parker opened its new Estero store at Coconut Point Nov. 25. The eyeglass retailer is one of several merchants to open at the Lee County lifestyle center in recent months. Chief among those was the Cheesecake Factory, which opened in August. The others include the Southwest Florida Symphony; the PGA Tour Superstore; and facial bar Face Foundrié. The new Warby Parker store will be the chain’s 18th in the state, with the closest in Sarasota at The Mall at University Town Center. But that won’t be for long. According to company’s website, a store is coming soon to Mercato, the high-end lifestyle center in Naples.


Tampa/St. Petersburg

Study time: JP Morgan Chase has given the Tampa Bay Partnership $250,000 for a project to measure the region’s housing crisis. The organization will use the two-year funding to look at housing affordability in the local counties — Hillsborough, Pasco and Pinellas — over five years. The research, according to a statement from the partnership, will measure the available housing stock today and “how it aligns to residents’ needs based on various income levels” and will “define” how much new housing is needed to meet the area’s forecasted growth. Given the massive population growth in the area since 2021, housing prices have gone up 26%, nearly 2.5 times the national average, the partnership says in the statement. In turn, households are spending on average $0.54 of every dollar on housing and transportation.


Sarasota/Manatee

Golden deal: A Nevada company has bought a 400-unit apartment complex outside Lakewood Ranch. The buyer is a Reno LLC named Goldelm at Bennett Park. It paid $102 million for the Manatee County complex previously named Park Crest Landing, according to county property records. The seller was California-based Passco Cos. which paid $75 million for the complex in 2016. The complex sits on 78.39 acres just off of Interstate 75 and State Route 64. It features one- to three-bedroom units. According to its listing on Apartments.com, rents range from $1,500 per month for a 612-square-foot one bedroom to $2,898 per month for a 1,309-square-foot three bedroom.


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author

Louis Llovio

Louis Llovio is the deputy managing editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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