BRADENTON, FL-Bay West Apartments, a 299-unit apartment community in this suburb near Sarasota, has been sold for nearly $12.7 million, or about $42,307 per unit. Klingbeil Capital Management bought the complex from Tarragon Realty Investors Inc. and plans to rename garden apartment complex, which was 90% occupied at the time of the closing, Marina Palms.
The property, located on 17.2 acres at 6904 Manatee Ave. W., sold at a capitalization rate of 7.63%.
The complex consists of 10 two- and three-story buildings with composition shingle pitched roofs, and an exterior of painted wood, painted stucco and vinyl siding. The complex was built in 1974 and underwent renovations in 1999 and 2001. Bay West includes a fitness center with his and her saunas, two pools, a children's playground, three picnic gazebos, a tennis court, a basketball court and a car wash area.
Jamie B. May, chairman and CEO, and Trish Barton, managing director, of JBM Realty Advisors, a multifamily brokerage based in Naples, FL, represented both the buyer and the seller in the transaction.
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