Passco buys Bradenton apartments for $75M

Fueled by potential future yield and a desire to beef up its Florida portfolio, California-based Passco Cos. LLC has invested $75 million to acquire the ParkCrest Landings apartments, in Bradenton.

Colin Gillis, Passco's vice president of acquisitions, says the company was drawn to the 400-unit complex, which was completed in 2015, because of its “irreplaceable” location and “unheard of” amenities.

The 17-building, garden-style complex, at 5725 First Ave. E., sits on nearly 70 acres and is adjacent to a nature preserve. Amenities include a swimming pool, children's splash park, multiple clubhouses, a dual fitness center, an on-site movie theater, a 1.5-mile walking trail, volleyball and tennis courts and a kayak launch.