JBM Brokers the Sale of ParkCrest Landings in Bradenton, FL
NAPLES, Fla., Oct. 10, 2023 /PRNewswire/ -- JBM® Institutional Multifamily Advisors has brokered the sale of another Southwest Florida multifamily property – ParkCrest Landings for $102,000,000. The seller was Passco Companies, headquartered in Irvine, California. This is the 2nd time JBM® has sold the 2015-built Bradenton (Sarasota MSA) asset since new.
JBM® Chairman & CEO, Jamie May, states, "Despite the escalation of cost of capital and insurance on the rise, JBM was able to receive over 58 offers on the initial round of offers. The Property was sold with a loan assumption at below market rate. JBM to date has now completed over $551,000,000 on both the buy and sell side of the transaction with Passco Companies. We are thankful for our close relationship with the seller and look forward to getting more deals closed in the future. Congratulations to both the buyer and seller on the sale of this fantastic, Class A asset."
About the Property
ParkCrest Landings sits on 78.39 acres – boasting an extremely low-density site plan of 5.10 units per acre. The 400-unit Property is comprised of 17, 2 and 3-story residential buildings, 3 separate amenity/clubhouse buildings, and 2 pools.
Amenities
Notable amenities include two resort-style, lakeside, pools with a hot tub and children's splash pool with water features. The clubhouse is fully equipped with a theater room, business center, game room, and separate state-of-the-art fitness center. There are also two large dog parks, a kayak launch with direct access to the Manatee River, sand volleyball court, tennis courts, lakeside walking/jogging trails, and more.
Unit Features
Units are comprised of one, two, and three bedrooms with an average square footage of 1,026. These large, modern units include granite countertops with a breakfast bar, 42" wood cabinets, and luxury faux wood flooring in the living areas, to name a few.
Location
ParkCrest Landings is exceptionally well-located with prime access to Interstate-75 just a mile northeast. The Property sits adjacent to Tom Bennet Park & Playground Pavilion – comprised of 180+ acres of amenities including nature trails, fishing pier, sand volleyball courts, and more. Nearby are premier shopping destinations such as the Ellenton Premium Outlets (3 miles) and the University Town Center in Sarasota (8 miles).
About JBM®
JBM® holds a 70%+ market share across Southwest Florida and is the #1 ranked boutique brokerage firm in the U.S.A. despite only transacting in Florida. Green Street's 2023 mid-year broker rankings ranks JBM® as the #1 highest average sold price per unit throughout the entire U.S.A. and #1 highest average sales price per transaction in Florida ($97+ million). JBM® has a lifetime transactions volume over $19.1 billion and 168,000 units.
SOURCE JBM Institutional Multifamily Advisors
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