- Associated Press - Tuesday, July 28, 2015

July 28—BRADENTON — A New York company has purchased a nearly new riverfront apartment complex in downtown Bradenton for $31.5 million.

The sale comes less than eight months after the 179-unit Riversong Apartments opened on the southern shore of the Manatee River. According to county property records, a subsidiary of New York City-based Beachwold Residential purchased the property from Hatfield Development of Atlanta.

Beachwold financed the purchase with a $25.6 million mortgage from NXT Capital.

Hatfield is the builder and developer of Riversong. It partnered with Bradenton-based NDC Construction to build the apartments on 3.47 acres behind the Manatee Performing Arts Center.

Beachwold is no stranger to the Bradenton and Florida apartment markets. The company bought the 200-unit Fountain Lake Apartments in south Bradenton in 2012 for $15.2 million, records show. Elsewhere in Florida, the company owns apartment buildings in Tampa, Dade City, Brandon, Winter Park and Jacksonville.

Beachwold owns and manages multifamily properties in Connecticut, Texas, Florida, Louisiana, New Jersey, Maryland, Tennessee and Virginia.

A market-rate property, Riversong advertises rental rates that are higher than the Manatee County average. One-bedroom units start at $975, while three-bedroom models are priced as high as $1,800.

Hatfield Development acquired the land to build Riversong in 2013 for $2.35 million. The company remains involved in the Bradenton development scene.

In February, Robert Hatfield, who owns Hatfield Development, bought 63 lots totaling approximately 21 acres between Riverside Drive East and Manatee Avenue East for $4 million. The land is slated to be the site of The Villages at Riverwalk, a “worker friendly” mixed-use development. Hatfield and NDC have partnered to build the project. The city of Bradenton approved a predevelopment agreement for the development in November.

Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027, or on [email protected]

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(c)2015 The Bradenton Herald (Bradenton, Fla.)

Visit The Bradenton Herald (Bradenton, Fla.) at www.bradenton.com

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