TerraCap Investment firm buys Bradenton's Harbour Pointe

BUYER: Harbour Pointe Apartments LLC (managers: Walter S. Hagenbuckle), Bonita Springs
SELLER: Sands Bay Apartments LLC and Sands Bay MK LLC
PROPERTY: 4501 W. 71st St., Bradenton
PRICE: $21.12 million
PREVIOUS PRICE: $5.69 million, September 2014
LAW FIRM ON DEED: Kevin A. Denit PA, Naples

PLANS, DESCRIPTION:
An investment firm of TerraCap Management LLC purchased the 234-unit Harbour Pointe of Bradenton Apartments for $21.12 million.

The price equated to $90,235 per square foot. That figure is higher than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.

The 190,335-square-foot apartment complex sits on a 14.75-acre parcel. It was 90% occupied at the time of the sale. Amenities include tennis courts, a two-acre lake, laundry facility and a swimming pool.

“We got a favorable price per unit and felt that the property was very well maintained,” says W. Stephen Hagenbuckle, managing principal of TerraCap Partners. “Its occupancy was lower than the market and sub market. We feel like we can get it up to 98%. Its current rental rates are also below market.”

The new ownership also plans to improve the property's landscaping and make interior improvements as the units turn over.

The purchase entity, Harbour Pointe Apartments LLC, mortgaged the property to Wells Fargo Bank NA for $14 million.