Bradenton apartment complex sells for $102 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Oct 26, 2023

A Bradenton apartment complex with direct access to Manatee River has sold for $102 million.

Goldelm at Bennett Park, which was named ParkCrest Landings when it sold, sits on nearly 80 acres, according to Manatee County property records. The buyer is an entity linked to Rod Hubbard, CEO of Nevada-based Eklund Development LLC. The seller was Irvine, California-based Passco Cos., and the sale closed on Sept. 29, according to Manatee property records.

Despite rising property values, nine-figure commercial sales remain a rarity in the Tampa Bay region.

It has 400 apartments; the sales price breaks down to $255,000 per unit. The apartment complex was built in 2015 and last sold for $75 million in 2016. Amenities include two resort-style, lakeside pools, two large dog parks, a kayak launch and walking trails.

Tampa-based JBM Institutional Multifamily Advisors brokered the sale. The transaction is the second time JBM sold the property.

"Despite the escalation of cost of capital and insurance on the rise, JBM was able to receive over 58 offers on the initial round of offers," CEO Jamie May said in a statement. "The property was sold with a loan assumption at below market rate."