Capstone Closes $35 Million Sale of 219-Unit Fractured Condominium Asset in Bradenton, FL

BRADENTON, FL—Capstone Apartment Partners has closed the $35,000,000 sale of 219 bulk condominium units located within the Arbor Oaks of Bradenton community in Bradenton, Florida. The buyer purchased 219 units out of 272 total within the community. While the buyer has a strong track record of owning similar assets regionally, this is their first property along Florida’s Gulf Coast.

The Capstone transaction team was led by Jad Richa, Brian Hunsicker, Tom Huffsmith, and Nasser Al-Hafi, who sold the property on behalf of the seller.

“Arbor Oaks offered the rare opportunity to acquire an 80%+ ownership fractured condominium asset with an extremely stable COA in a market that is poised for continued rent growth,” said Hunsicker. “Capstone secured a buyer that was able to assume the in-place agency debt and close quickly, within an aggressive 45-day contract period to close.”

“Capstone has been extremely active in selling assets in the Bradenton market and we have seen tremendous growth over recent years,” added Richa. “The population and job growth dynamics along Florida’s Gulf Coast continue to make it one of the most sought after investment submarkets in the entire Southeast.”

Built in 1978 and 1980, Arbor Oaks comprises studio, one-, and two-bedroom apartment units and was 98.2% occupied at the time of closing. Each apartment home features a fully equipped kitchen, wood-style flooring, washer and dryer, and a screened-in porch. Amenities at the gated community include two swimming pools, a poolside grilling area, fitness center, business center, and a newly resurfaced tennis court.

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