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Goldelm has purchased ParkCrest Landings, a 400-unit community in Bradenton, Fla., for $102 million. JBM Institutional Multifamily Advisors represented the seller, Passco Cos. Arbor Realty Trust provided a $62 million loan with a September 2024 maturity date, according to public records.

Yardi Matrix data shows that the buyer also assumed an existing $48.8 million Fannie Mae loan, originated by KeyBank in 2016. That same year, Passco acquired the asset for $75 million.

ParkCrest Landings came online in 2015 and encompasses 17 two- and three-story buildings. Units offer one-, two- and three-bedroom floorplans, ranging between 612 and 1,404 square feet.

Common-area amenities of the Class A property include a fitness center, clubhouse, business center, volleyball court, as well as two swimming pools and a spa. Residents also have access to around 920 parking spaces.

The 78.4-acre property is at 5725 1st Ave. East, close to a Walmart Supercenter and a few dining options. Ellenton Premium Outlets is 6 miles northwest, while The Mall at University Town Center is some 9 miles away. Tom Bennett Park is within walking distance.

Earlier this year, Passco Cos. sold a 260-unit luxury community, also located in Southwest Florida. Longitude 81 Apartments traded for $78.8 million, Yardi Matrix data shows.


Originally published by Multi-Housing News.