Manatee apartment complex refinanced for $52M

An active adult apartment community off University Parkway in Manatee County has been refinanced. Alloro at University Groves received a $52 million loan, according to Walker & Dunlop, which arranged the financing.

Off University Parkway at 3540 Broadway Ave., Alloro at University Groves contains 183 apartments ranging from one to two bedrooms for tenants ages 55 and up. The apartments feature open floor plans, balconies, soft-close cabinets, granite countertops and stainless-steel appliances. Among the community amenities are a clubhouse, theater, salon, fitness center, pool and pickleball and bocce courts. In addition, it offers lifestyle programming, with events like happy hours, aqua aerobics, cooking classes and fraud prevention seminars.

“Age-restricted multifamily continues to demonstrate some of the strongest operating fundamentals across the rental housing sector, supported by favorable demographic trends and limited new supply,” Walker Layne, managing director of capital markets at Walker & Dunlop, says in a statement. “Alloro at University Groves is exceptionally well positioned to capitalize on that demand.”

Alloro at University Groves was completed in the fourth quarter of 2023. 

U.S. Senior LLC, a New York entity tied to real estate development and management company United Group, purchased the 6.68-acre site on Broadway Avenue for nearly $7 million in 2021, where the apartment complex was later built, according to Manatee County property records. 

On its website, United Group estimates it made a $64.5 million investment in developing Alloro at University Groves.

The Walker & Dunlop Capital Markets Real Estate Finance team led by Layne, Matthew Wallach, Stephen West, Austin Sneed and Tyler Evenson arranged the $52 million floating-rate, interest-only bridge loan, which was provided by Bridge Investment Group on behalf of The United Group of Companies Inc.