Sawgrass Cove apartments sell for $23.2M

BUYER: Sawgrass Cove Apartments LLC (principal: Richard Golden), North Miami

SELLER: EQR-Sawgrass Cove Vistas Inc.

PROPERTY: 4801 47th Ave. W., Bradenton

PRICE: $23.2 million

PREVIOUS PRICE: $17 million, June 1994

LAW FIRM ON DEED: Kramer & Golden PA, North Miami

PLANS, DESCRIPTION: New York City-based based Atlas Real Estate Partners and Boca-Raton based Andover Real Estate Partners purchased the 336-unit Sawgrass Cove Apartments for $23.2 million.

The price equated to $69,048 per unit.

Built in 1991, the 342,880-square-foot complex was 97% occupied at the time of the sale. The 28-acre development features 21 two-story buildings, lakes and fountains, a swimming pool, tennis courts and a clubhouse with fitness and business centers.

The new ownership plans to upgrade the exterior, interiors, landscaping and amenities.

“This is our first big acquisition,” says Robert Stone, a principal of Andover Real Estate Partners. “We saw the opportunity to update the units and the community, and overtime to increase the cash flow. We like the Bradenton market. There aren't a lot of units there, but it's close enough to appeal to the Tampa workforce. The market fundamentals are good for strong rental growth in that submarket.”

Greystar has been retained to manage the property.

Cole Whitaker, partner with Hendricks & Partners, represented the seller Chicago-based Equity Residential.

The new owners, which purchased the apartment complex as Sawgrass Cove Apartments LLC, mortgaged the property to Beech Street Capital LLC for $15.99 million. The fixed-rate loan has a term of 10 years, five years interest-only, with 9 1/2 years of yield maintenance.