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.”
For all those reasons, Cielo got a lot of attention. During the marketing period, the property attracted more than 100 interested parties, saw 27 tours, and received five offers at $12 million. The transaction closed 11 days following the effective date of the sales contract per the terms of the original agreement.
Stone says the property’s economic position showed steady improvement with a good outlook for the immediate future. As he sees it, the pool of multifamily investors is very deep and aggressive right now. With a lack of available communities similar to Cielo on the market for sale, he calls it a perfect storm scenario for sellers.
“Cielo is a text book case of what happens when all the right parts are working together and a property is operating efficiently,” Stone says. “The occupancy level of 92-plus percent is a major improvement over what was in the low 80s less than a year ago. Many properties throughout the region have seen an improvement in their occupancy since people are moving back into rentals.”
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