Hatfield Development Co. developing Riversong Apartment Homes

BUYER: Riverwalk Bradenton LLC (principal: Robert Hatfield), Atlanta
SELLER: NCB Holdings Inc.
PROPERTY: 606 W. Third Ave., Bradenton
PRICE: $2.35 million
PREVIOUS PRICE: $2 million, February 2013
LAW FIRM ON DEED: Vogler Ashton, Bradenton

PLANS, DESCRIPTION: An investment group led by Atlanta-based Hatfield Development Co. purchased 3.48 acres of land on a portion of the Sandpile on Bradenton's Riverwalk for $2.35 million.

The new owners have started construction to develop the 179-unit Riversong Apartment Homes. The four-story luxury apartment development will feature a green-metal roof, two-story parking garage, swimming pool, clubhouse and views of the Manatee River. Construction is scheduled to take 14 months.

Hatfield Development was one of the developers behind the nearby 216-unit 210 Watermark apartment.

NDC Construction is the general contractor for the project, and Lawson Group Architects Inc. designed it. RAM Partners LLC of Atlanta will manage the apartments.

“We're very excited to get this project going,” says developer Robert Hatfield. “We're at 96% to 98% occupied in this whole market. Rents are finally going up after being flat for five years.”

The purchase entity, Riverwalk Bradenton LLC, mortgaged the property to First Tennessee Bank NA for $18.7 million.