Starwood Capital Group affiliate buys Preserve at Manatee Bay

BUYER: BRK Preserve at Manatee Bay LP (SOF-X BRK Holdings L.P.), Greenwich, Conn.

SELLER: BVF Carriage Club Limited Partnership

PROPERTY: (main address: 5901 W. 28th Ave.) 2615, 2613, 2609, 2607, 2605, 2603, 2601, 2716, 2715, 2714, 2713, 2712,2611, 2710, 2709, 2708, 2707, 2706, 2705, 2704, 2703, 2702, 2701 and 2711 60th St. W.; 6012, 5930, 5914, 5918, 5916, 5912, 5910, 5908, 5906, 5904, 5902, 6016, 6014, 6010, 6008, 6006, 6004, 6002, 5932, 5928, 5926, 5924, 5922 and 5920 29th Ave. W.; 5933, 5931, 5929, 5927, 5925, 5923, 5921, 5919, 5917, 5916, 5915, 5914, 5909, 5908, 5907, 5906, 5905, 5904, 5903, 5913, 5912, 5911, 5910 and 5902 28th Ave. W.; 5905, 6005, 6011, 6009, 6021, 6019, 6017, 6015, 6013, 6007, 6003, 6001, 5915, 5913, 5911, 5909, 5907, 5903, 5901, 6031, 6029, 6027, 6025 and 6023 26th Ave. W.; 2825, 2809, 2701, 2819, 2817, 2815, 2813, 2811, 2807, 2805, 2803, 2801, 2731, 2729, 2727, 2725, 2723, 2721, 2719, 2717, 2715, 2713, 2711, 2831, 2829, 2709, 2827, 2823, 2821, 2707, 2705 and 2703 Heritage Lane; 2712, 2612, 2716, 2714, 2710, 2708, 2706, 2704, 2702, 2616, 2614, 2610, 2608, 2606, 2604, 2602 59th St. Court W.; and 2615, 2613, 2611, 2605, 2603, 2607, 2609 and 2601 61st St. W., Bradenton

PRICE: $13.6 million

PREVIOUS PRICE: $957,000, March 1985

LAW FIRM ON DEED: Binham McCutchen LLP, Boston

PLANS, DESCRIPTION:
BRK Preserve at Manatee Bay LP, an affiliate of Starwood Capital Group, purchased the 152-unit Preserve at Manatee Bay apartments for $13.6 million.

The price equated to $89,458 per square foot. That figure is higher than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

The 12.59-acre residential development features a total of 20 buildings with 163,868 square feet under roof. The community, located near Heritage Park Care and Rehabilitation Center and Sea Breeze Elementary School, was built in 1985.

Amenities include a clubhouse, business center, fitness center and swimming pools.
Starwood Capital Group had not responded to a request for comment as of deadline.
BRK Preserve at Manatee Bay took out a multifamily mortgage on the property with Walker & Dunlop LLC for $11.04 million.