Indiana firm buys multifamily complex for $12 million

BRADENTON — Indiana-based Pedcor Cos. has acquired The Palms at Cortez, a 92-unit apartment complex in central Bradenton, for $12.05 million.

It’s the second apartment community acquisition Pedcor has made in the region in the past four months, following its November purchase of the 188-unit Naples 701complex for $24 million. Carmel, Ind.-based Pedcor, according to a statement, develops, builds and manages commercial buildings and affordable and market-rate apartments nationwide.

Pedcor acquired the property from global real estate private equity firm Asia Capital Real Estate, the release states. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the firm. “The Palms at Cortez received almost $10,000/unit in recent renovations by the seller,” Donaldson says in the statement. “The property has excellent curb appeal, majority two-bedroom floor plans and was well-amenitized for an under 100 unit community.”

At 3810 5th Street E., the property is near the DeSoto Square Mall Redevelopment Project. Amenities include a swimming pool with sundeck, outdoor fitness equipment and BBQ/picnic areas.

“We were able to secure a 1031-exchange buyer that was optimistic the property could be stabilized given their presence in the market with another community,” Meoli adds in the statement.