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Fla. apartment complex changes hands for $110.5M

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Fla. apartment complex changes hands for $110.5M

Real estate developer and manager FLF Holdings LLC acquired the 900-unit Carlton Arms of Bradenton apartment complex in Bradenton, Fla., from Mahaffey Apartment Co. for $110.5 million, the Herald-Tribune reported.

The 93-acre complex is 99.7% occupied and is expected to go through extensive refurbishments, the report noted, citing marketing agent Holliday Fenoglio Fowler. The asset features studio and one- and two-bedroom units, as well as townhouses, with rents in the range of $793 to $1,250 per month.

FLF secured a $76 million, 10-year loan for the property via Freddie Mac's capital markets execution program.