BRADENTON, FL — Capstone Apartment Partners is pleased to announce the sale of Avalon Square Apartments in Bradenton, FL. With an occupancy rate of 97%, the asset was purchased by Axonic Capital from a private individual for $8,500,000, or $55,195 per unit.
The buyer is an active investor of B and C multi-family assets along the Gulf Coast of Florida. “The asset is well-located near 14th St. West and Cortez Rd., with close proximity to hundreds of retail and service providers. Axonic plans to address outstanding deferred maintenance items and increase the number of amenities available to the tenant base,” according to Jad Richa, the lead broker for Capstone in this transaction.
Avalon Square represents Capstone’s second successful transaction in the Bradenton submarket in 2015. Jad Richa, Enon Winkler, Deucie Bies, and Brian Hunsicker of Capstone Apartment Partners represented the seller in this transaction.