Lofton Meadows sells for $11 million to Davie's JBH Equities

BUYER: Bradenton Reserve LLC (88% interest), Las Vegas and Samella Properties LLC (12%), Davie
SELLER: El Conquistador Partners LLC
PROPERTY: 6050 34th St. W., various units, Bradenton
PRICE: $11.2 million
PREVIOUS PRICE: $8.5 million, September 2008
LAW FIRM ON DEED: Hunton & Williams LLP, Richmond, Va.

PLANS, DESCRIPTION:
Davie-based JBH Equities purchased the 166-unit Lofton Meadows community for $11.2 million.

The price equated to $67,470 per unit. That figure is in line with the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

Lofton Meadows was constructed in 1986 and is situated on 11.3 acres near IMG Academy and State College of Florida. The apartment complex was 98% occupied at the time of the sale and features one- and two-bedroom units averaging 779 square feet. Amenities include a swimming pool with poolside cabana, fitness center, car-care center and coffee cafe.

An HFF investment sales team led by director Matt Mitchell and real estate analyst Zach Nolan represented the seller.

The buyer plans to do a capital improvement to the property's interior and exterior over the next 12 months. According to JBH Equities Principal Adam Jacobson, the new buyer will be painting the apartment, improving the landscaping and renovating the fitness and business centers.

The transaction was done through two buying entities because a portion of it was a 1031 tax-deferred exchange.

JBH Equities owns more than 2,000 apartment units.