Florida Gulf Coast Asset Changes Hands for $92M
Berkadia brokered the transaction.
Zilber Residential Group has sold Vida Lakewood Ranch, a 304-unit Class AA apartment community located in Bradenton, Fla. to an undisclosed investor for $92.1 million. The transaction was led by Berkadia.
The firm’s Senior Managing Director Matt Mitchell and Director Chris Burtner, teamed with Berkadia Central and North Florida to broker the transaction on behalf of Zilber.
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Built two years ago, Vida Lakewood Ranch is located in Lakewood Ranch, a Bradenton master-planned community. Situated at 11109 Vida Circle, the 19-building garden-style apartment community incorporates one- and two-bedroom floor plans that range from 773 to 1,103 square feet in size. Setting the community apart from competitive area properties is a low-density, low-rise setting and direct private entries to each unit.
West coast wins
Features and finishes of residences at Vida Lakewood Ranch include quartz countertops and stainless-steel appliances in kitchens, vinyl-plank flooring, walk-in closets, keyless entry systems, in-unit washer-dryers and screened-in balconies and patios. A fitness center, clubhouse with community kitchen, pool table, poker table as well as a shaded game lawn, grilling area a walking trail that encircles a lake are among the community’s common-area amenities.
Vida Lakewood Ranch is situated 20 minutes from both downtown Sarasota and downtown Bradenton. The downtown districts of Tampa and St. Petersburg, as well as Tampa International Airport, are 40 minutes away.
Florida’s west coast remains a hot development market. Last month, Kolter Multifamily commenced construction on a new 276-unit apartment community called Alton Palmetto in Palmetto, Fla, within the Sarasota-Bradenton area.
