Passco Snags 400-Unit Bradenton, FL MF for $75M

Passco Cos. now owns ParkCrest Landings, a 400-unit multifamily asset in Bradenton, FL. The Irvine, CA-based buyer paid $75 million to the seller and developer, CKT Development, which is based in Tampa. The seller was represented by Jamie May of JBM.

Completed in 2015, the Class A property is situated within a 67-acre site at 5725 1st Avenue East. ParkCrest Landings consists of 17 three-story buildings. Amenities include a fitness center, resort-style swimming pools, walking trails, a dog park and direct access to the Manatee River.

“Bradenton is one of the most dynamic submarkets on the west coast of Florida,” said Passco’s Colin Gillis. “Manatee County . . . has added more than 11,500 jobs over the last 24 months, and has one of the highest per capita incomes in the state.”

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