A&RW Properties gains nearly 300 units with $28.75 million deal
A New York investment firm has purchased a pair of Bradenton residential projects for $28.75 million.
A&RW Properties’ acquisition of Treesdale and Oakmeade gives the company a combined 297 units. The deal also marks its first in Florida.
A&RW bought the two complexes from MNA Properties, a Brooklyn, N.Y. company that had owned them since 2012.
A&RW is expected to undertake a series of improvements to amenities at Oakmeade, a 100-unit affordable housing community at 1831 13th Ave. East. Specifically, the new owner is expected to upgrade the complex’s playground and clubhouse and add a dog park to the property.
Treesdale is a 197-unit condominium complex at 1818 9th Ave. East.
The two projects, which are adjoining, were developed beginning in the early 1970s and are in close proximity to both Manatee Memorial Hospital and Tropicana Corp.’s Bradenton juice factory.
“The buyer has a decent portfolio of properties with about 2,000 units in New York and Philadelphia and they’ve been wanting to break into the Florida market for some time,” says Francesco Carriera, an executive vice president at commercial real estate brokerage firm CBRE Group, who negotiated on behalf of MNA Properties together with the firm’s Michael Regan.
“They were very professional to deal with.”
Carriera adds that A&RW will likely combine operations eventually at the two properties to achieve cost savings.
“I think they’ll be working to create a more inviting space at the center of the property and be adding a dog park to make it more resident friendly,” he says.
Rents at Treesdale are roughly $1,100 per month, while Oakmeade rental rates are in the $500 to $600 range. At the latter, a land use restrictive agreement is set to expire next October, which will allow A&RW the ability to hike rents by as much as $500 per month.