REIT buys downtown Bradenton's 210 Watermark for $21.77 million

BUYER: Morguard Watermark Apartments LLC (Morguard NAR (U.S.) Holdings LLC), Kenner, La.
SELLER: TMP Watermark LLC
PROPERTY: 210 Third St., various units, Bradenton
PRICE: $21.77 million
PREVIOUS PRICE: $18.5 million, June 2010
LAW FIRM ON DEED: Morrison & Foerster LLP, Palo Alto, Calif.

PLANS, DESCRIPTION: Morguard North American Residential Real Estate Investment Trust purchased the 216-unit 210 Watermark apartment in downtown Bradenton for $21.77 million.

The price equated to $100,784 per unit.

The 198,762-square-foot multifamily development was built in 2003 and occupies a 10.07-acre riverfront site. Units range from one to three bedrooms and offer an average of 963 square feet of living space. Community amenities include a fitness center, swimming pool, business center, a number of single-car garages and a fishing pier. The community is also located next to the newly developed Riverwalk, which has splash and skate parks.

The buyer assumed a $12.07 million loan held by U.S. Bank National Association as a trustee for the registered holders of Morgan Stanley Capital I Inc. from the seller, TMP Watermark LLC.

The purchase was one of six properties Morguard acquired from Pearlmark Real Estate Partners LLC for $232 million. The residential apartment and townhome complexes included a total of 1,959 units in Bradenton; Kennesaw, Ga.; Raleigh, N.C.; and Irving and Garland, Texas.

Company-wide Morguard North American Residential REIT owns a portfolio of 14 Canadian residential apartment buildings and 24 garden communities in the United States with 11,160 residential units.