Commercial Real Estate, Capital, Insurance, Leasing & Management

Aspen Square Management Buys Florida Affordable Apartment Community

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The Reliant Group Sells Eden Pointe for $30.8 Million

Excerpted from CoStar News story.

The Reliant Group sold the 270-unit Eden Pointe apartments at 955 53rd St. E in Bradenton, Florida, for $30.75 million, or about $114,000 per unit, to Aspen Square Management.

The 268,636-square-foot multifamily property was developed in 1995 under the Section-42 Low Income Housing Tax Credit (LIHTC) program. All units must be rented to people making 60% or less of the area’s median gross income. Affordability restrictions there expire in 2025.

The property has amenities that include a swimming pool, fitness center and a basketball and volleyball court. It was renovated earlier this year, and was 94% occupied at the time of sale.

Darron Kattan, Zachary Ames, Kevin Kelleher, Mark Savarese and Avery Jordan with Franklin Street brokered the sale on behalf of the seller and were the sole brokers on the sale.

Please see CoStar COMPS #4900239 for more information on the transaction.

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