Bradenton land trust buys Rainbow Lakes Apartment

BUYER: Matthew Plummer as trustee of the Rainbow Lakes Land Trust, Bradenton
SELLER: Haney Developers Inc.
PROPERTY: 1077, 1075, 1073, 1071, 1069, 1067, 1059, 1057, 1055, 1053, 1051, 1049, 1047, 1045, 1043, 1039, 1037, 1035, 1033, 1031, 1029, 1027, 1025, 1023, 1015, 1013, 1011, 1009, 1007 57th Ave W., Bradenton
PRICE: $2 million
LAW FIRM ON DEED: Blalock Walters PA, Bradenton

PLANS, DESCRIPTION: The Rainbow Lakes Land Trust of Bradenton purchased the 29-unit Rainbow Lakes Apartments for $2 million.

The price equated to $68,966 per unit.

Built in 2008, the 27,903-square-foot townhome community was converted to condos, but remained owned by a single owner. The four-building development features only two-bedroom and one-and-a-half bathroom units. It sits on a 9.44-acre parcel east of U.S. 41 near downtown Bradenton.

The apartment community was fully leased at the time of the sale.

“The buyer was attracted to the structure, its occupancy rate and the relative newness of the buildings,” says Stephen Perry, a principal with the law firm of Blalock Walters. “It's hard to find inventory that's relatively new. It also helped that there was seller financing.”

Walter Realty has been retained to manage the property.

The land trust mortgaged the property to the seller, Haney Developers Inc., for $1.5 million.