March 16, 2018
Carlton Arms of Bradenton, a 900-unit, garden-style apartment community in Bradenton, FL, has been sold for $110.5 million. Jupiter, FL-based FLF Holdings purchased the offering free and clear of existing debt.
The seller was a joint venture between The Mahaffey Apartment Company and Brighthouse Life Insurance Company. MetLife Investment Management advised Brighthouse on the investment.
Built in 1980, the 99.7% occupied property has been owned and managed by The Mahaffey Apartment Company for 38 years. The property is located on a peninsula overlooking the Braden and Manatee Rivers at 5200 Riverfront Dr., and is one of the only waterfront multi-housing rental communities in the Sarasota/Bradenton MSA.
HFF’s Matt Mitchell and Zach Nolan handled the sale. HFF worked on behalf of the new owner to secure $76 million acquisition financing. The 10-year, fixed-rate loan was through Freddie Mac’s CME Program.
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