KAMCO Property Co. buys Manatee Woods, other units

KAMCO Property Co. buys Manatee Woods, other units

BUYER: KPC Manatee Woods LLC, Plano, Texas

SELLER: Manatee Woods Apartments Limited Partnership

PROPERTY: 230-448 E. 34th Ave. Drive, Bradenton

PRICE: $4.2 million

PREVIOUS PRICE: $1.16 million, July 1991

LAW FIRM ON DEED: Lowndes Drosdick Doster Kantor & Reed PA, Orlando

PLANS, DESCRIPTION: Plano, Texas-based commercial real estate firm KAMCO Property Co. purchased the 212-unit Manatee Woods apartment complex on 4th Avenue Drive and 14 units in the nearby Serendipity condominium for $4.2 million.

The purchase price equated to $18,584 per unit.

The gated apartment complex features a swimming pool, racquetball and basketball courts, and a clubhouse with after school child care. The apartment complex was 88% occupied at the time of the sale.

“This is a value-added play,” says Bryan Kaminski, president of KAMCO Property Co. “We have already planned renovations, such as a new roof, painting, parking lot [improvements] and the installation of additional amenities. We are also planning some interior unit upgrades. Our goal is that moving into a more positive environment we will attract a better resident profile. The concessions will burn off as the market improves.”

The company has budgeted more than a million dollars for the renovations. It is KAMCO's first purchase in Florida. The company owns properties in Texas and Georgia.

The purchase entity KPC Manatee Woods LLC mortgaged the property to Sovereign Bank for $4.36 million.