Newspaper article Sarasota Herald Tribune

Gates of Bradenton Sells for $20.5M

Newspaper article Sarasota Herald Tribune

Gates of Bradenton Sells for $20.5M

Article excerpt

APARTMENT DEALS

MANATEE COUNTY -- In the region's latest multi-family deal, a Virginia real estate investor paid $20.5 million for the Gates of Bradenton apartment complex off Cortez Road.

An affiliate of Harbor Group International bought the 256-unit community from a New Jersey company that had owned it for nearly 16 years, according to recently filed documents.

Gates of Bradenton, 4515 26th St. W., offers one- and two- bedroom apartments that rent from $760 to $962 per month, according to its website.

It becomes the most recent rental complex to change hands in the Manatee-Sarasota area, as investors are drawn to increasing rents and high occupancy levels while owners see the chance to cash out.

Buyers from across the country have spent more than $375 million in the past year to acquire over a dozen apartment communities in the two counties. …

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