New York investment firm buys Aaron Lake Apartments

BUYER: LR Aaron Lake LLC, New York City
SELLER: Aaron Lake LLC
PROPERTY: 4325 W. 40th St., Bradenton
PRICE: $8.35 million
PREVIOUS PRICE: $4.8 million, May 2002
LAW FIRM ON DEED: Neuberger Quinn Gielen Rubin & Gibber PA, Baltimore

PLANS, DESCRIPTION: Rieder Holdings of New York City purchased the 100-unit Aaron Lake Apartments for $8.35 million.

The price equated to $83,500 per unit.

Built in 1986, the 76,800-square-foot garden-style apartment complex occupies a 6.2-acre site. Amenities include a swimming pool, lake, fitness center, clubhouse and citrus grove. The apartment runs consistently at or near 100% occupancy. Dan and Renae Shattuck have owned and managed the property since 2002.

“We got to the point where we didn't want to manage it anymore,” Dan Shattuck says. “We debated hiring a management firm or adding more staff, but ultimately we felt it would be too difficult to observe a management company [remotely]. We've also seen that the market [for apartments] has come roaring back.”

Jamie May of The JBM Group of Institutional Property Advisors, a Marcus & Millichap company, represented the seller.