Bradenton's 30 West Apartments sell for $25 million

BUYER: Timberland Florida II LLP (89.14% interest) and Main Street Partners LLP (10.86%), Bloomington, Minn.
SELLER: FLA Braden Lakes LLC
PROPERTY: 2835 50th Ave. W., Bradenton
PRICE: $25 million
PREVIOUS PRICE: $14.28 million, March 2013
LAW FIRM ON DEED: FLA Braden Lakes LLC, Sarasota

PLANS, DESCRIPTION:
Bloomington, Minn.-based Timberland Partners and a company led by James and Ann Marie Maciej purchased the 264-unit 30 West Apartments in Bradenton for $25 million.

The price equated to $94,697 per unit. 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 apartment complex, formerly known as Braden Lakes, features 16 residential buildings and a clubhouse on a 17.72-acre site. The 228,040-square-foot, two-story development was built in 1986.

Community amenities include a fitness center, laundry facility, business center, clubhouse, playground, swimming pool and tennis court.

The seller, Insula Cos., purchased the apartments complex from Wells Fargo Bank, which had foreclosed on it, in January 2010. Insula Cos. says it spent more than $1.4 million improving the community's curbside appeal, common area amenities and unit interiors.

Timberland Partners had not replied to a request for comment as of deadline. The company owns more than 5,400 apartment units and 800,000 square feet of commercial space in eight states.

The purchase entities, Timberland Florida II LLP and Main Street Partners LLP, mortgaged the property to Berkadia Commercial Mortgage LLC for $20 million.