InvestRes Sells Tampa-Area Portfolio for $29M

The two communities in Bradenton, Fla., total 297 units with one property designated fully affordable.
Treesdale
Treesdale. Image courtesy of CBRE

InvestRes has sold a two-property multifamily portfolio in Bradenton, Fla., for $28.8 million. MNA Properties acquired Treesdale, a 197-unit condo asset, and Oakmeade, a 100-unit fully affordable community. CBRE assisted both parties in the deal. According to Yardi Matrix data, InvestRes purchased both assets in 2012 for a total of $7.1 million.

The adjoining properties are at 1818 9th Ave. E. and 1831 13th Ave. E., respectively, roughly 2.6 miles east of downtown Bradenton and the upcoming Streetscape development. The communities are less than 2 miles from employers such as Tropicana Bradenton Juice Plant and Manatee Memorial Hospital.

Built in 1971, Treesdale consists of 13 one-story buildings spread across 8.8 acres, while Oakmeade has 12 two-story buildings developed in 1975 on a 9-acre site. Both properties feature one- to three-bedroom floorplans. Treesdale was 97.4 percent occupied as of September, per Yardi Matrix data.

CBRE Executive Vice Presidents Francesco Carriera and Michael Regan represented both parties in the transaction. The team also brokered the $16 million sale of a 126-unit Tampa community in March.