REBusinessOnline

Passco Cos. Purchases Apartment Community in Tampa Bay for $75M

BRADENTON, FLA. — Passco Cos. has purchased ParkCrest Landings, a 400-unit, Class A apartment community located on a 67-acre site at 5725 1st Ave. East in Bradenton, a city in the Tampa Bay area. Passco Cos. bought the asset from the Tampa-based developer, CKT Development, for $75 million. Built in 2015 by CKT Development, the grounds include nine acres of lakes, 1.5 miles of walking trails and 40 acres of nature preserves along a tributary of the Manatee River. The property is also situated next to Tom Bennet Park, a 200-acre park owned by Manatee County. ParkCrest’s community amenities include a resident clubhouse and theater, fitness center, lakeside sundecks, resort-style swimming pools, children’s splash area, 1.2-acre dog park, cyber café, game room and kayak storage. Jamie May of JBM represented Passco and CKT Development in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco Cos.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

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