Champions Walk apartments fetch $58 million - News - Sarasota Herald-Tribune
Davie-based seller nearly doubles its money on the deal
MANATEE COUNTY — Cutting its second deal here in three months, a Pennsylvania real estate investment company has purchased the Champions Walk apartments for $58 million.
An affiliate of Merion Realty Partners last week acquired the 376-unit complex at 4148 53rd Ave. W. near IMG Academy in Bradenton.
In May, Merion paid $19.1 million for the Bradenton Reserve Apartments, a 166-unit community next to IMG.
The seller of Champions Walk nearly doubled its money on the deal.
Champions Walk of Bradenton LLC, a Davie-based company managed by Mark Kalimian, paid $30.1 million for the complex in early 2013, about half of its boom-time price.
Kalimian acquired the property from a Hallandale-based company that had paid $60 million in 2007, county records show. Just 18 months later, that company lost a $53.7 million foreclosure judgment and ceded the property to Lehman Bros., which famously collapsed in 2008.
The 46-acre complex, built in 1996, rents one-, two- and three-bedroom units for $975 to $1,875 a month, according to its website.
Merion, based in Wynnewood, Pennsylvania, financed the purchase with a $45.9 million loan from Berkadia Commercial Mortgage of Ambler, Pennsylvania, which also backed the Bradenton Reserve acquisition.
Southwest Florida apartment complexes have been busily changing hands in recent years, with investors drawn to increasing rents and high occupancy levels when owners are seizing the opportunity to cash out.
Last month, a real estate investment company from Atlanta paid more than $39 million for the 280-unit Luxe Lakewood Ranch apartments. Weeks earlier, a real estate development company in Wisconsin paid $50.5 million for the 264-unit Lost Creek at Lakewood Ranch apartment complex.
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