BRADENTON, FL-Cielo at Bradenton Apartments has sold for $12 million. Aspen Square Management bought the 299-unit lender-owned community in an all-cash transaction.

Multifamily investment brokers John Stone and Jason Stanton of Colliers International Tampa Bay worked exclusively on behalf of the property owner, Wells Fargo, to facilitate the sale. Built in 1974 and substantially renovated in 2006 and 2007, Cielo offers 306,361 square feet of rentable square feet.

“This property got caught up in the cycle,” Stone tells GlobeSt.com. “At the time of its foreclosure, the loan was for about $22.3 million. We took it to market at $12.5 million. The property is clean, it’s 92.5% occupied, and it doesn’t have any lingering issues like so many other properties out there on the market.”