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By Vicentiu Fusea via Multifamily Housing News

Single-Family RentalFinance & InvestmentNewsSoutheast

The Southwest Florida Coast continues to be a hotbed for rental transactions.

Marisol consists of 172 units with two-bedroom layouts, two baths and a den. Image courtesy of Berkadia

Neal Communities has sold Marisol, a 172-unit build-to-rent community in Bradenton, Fla., near Sarasota, in a forward sale. The buyer was an institutional investor advised by J.P. Morgan Global Alternatives. Berkadia represented the seller, while J.P. Morgan Asset Management led the acquisition team on behalf of the buyer.

Construction on the single-family rental property started in July 2022. Built on 39 acres, the community consists of two-bedroom layouts with bathroom parity and a den, ranging from 1,434 square feet to 1,524 square feet.

Each single-story home features private backyards, attached two-car garages and lanai porches. Common-area amenities include a swimming pool with sundeck, a dog park and direct lake access.

The property is at 16335 Coastal Crest Place, some 8 miles from the Lakewood Ranch master-planned community and 4 miles from the Lakewood Ranch Plaza shopping center. Downtown Sarasota is some 23 miles southwest.

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The Berkadia team represented the seller. J.P. Morgan Asset Management led the acquisition team on behalf of the buyer.

Recent multifamily transactions in Bradenton

In October, Passco Cos. sold another Bradenton asset, the 400-unit ParkCrest Landings, for $102 million. Goldelm acquired the property with fundings from a $62 million loan originated by Arbor Realty Trust.

A few months earlier, a joint venture between Lennar and Wolfson BTR sold Cantabria Bradenton, a 184-unit single-family rental community for $59 million.

Four communities of more than 50 units each, totaling about 1,000 apartments, changed hands last year in Bradenton, amounting to nearly $300 million, according to Yardi Matrix data. In 2022, some 1,600 units traded for more than $200 million.