2 Manatee apartment complexes fetch $13.6 million

Home / Blog / 2 Manatee apartment complexes fetch $13.6 million

on    

2 Manatee apartment complexes fetch $13.6 million

MANATEE COUNTY — Companies affiliated with a New York City-based real estate lender paid $13.6 million for two apartment complexes here.

The 168-unit Oaks at Ellenton apartments sold last month for $9.5 million, while the 64-unit Elm Lake Apartments fetched $4.15 million, according to county records.

The buyers are part of Harmony Housing, a nonprofit that says it provides affordable rental housing. The company is separate from but directed by Robert Barolak, who is co-chief operating officer at Greystone, a property lender/adviser in New York.

Oaks at Ellenton, at 1651 36th Ave. E., was built in 1996 and sits on 18 acres.

Elm Lake, at 6318 14th St. E., near the intersection of 63rd Avenue East and 301 Boulevard East, opened in 1983 and includes 4.6 acres, property records show.

Both complexes were sold by companies managed by Benjamin Mallah of Largo. He paid $6.6 million for Oaks at Ellenton and $2.5 million for Elm Lake, both in 2015.

The new owner financed the purchases by extending a larger master credit agreement involving other properties with KeyBank NA.

Last year, a Harmony Housing company paid $12.25 million for the 180-unit Centre Court Apartments in Bradenton.

Back
2002-2018 Equity Management Online All rights reserved. | Terms of Use & Privacy Policy
Stay Connected: Email Blog RSS