Land for luxury apartments near Ellenton sells for $4.95 million in Manatee County

Derek Gilliam, Sarasota Herald-Tribune
·2 min read
A joint venture between Defined Companies, LLC, co-founded and led by Noah Leon and Steven Guasch, and Nadeb Investments Group, Inc., led by President Eben Mensah, has purchased a 7.86-acre parcel located adjacent to the Ellenton Premium Outlets in Manatee County, Florida, for $4.95 million.
A joint venture between Defined Companies, LLC, co-founded and led by Noah Leon and Steven Guasch, and Nadeb Investments Group, Inc., led by President Eben Mensah, has purchased a 7.86-acre parcel located adjacent to the Ellenton Premium Outlets in Manatee County, Florida, for $4.95 million.

A 235-unit apartment project is planned for a site near the Ellenton Premium Outlets in Manatee County, according to a news release about the land sale.

Defined Companies LLC and Nadeb Investments Group have partnered in the $4.95 million purchase of a 7.86-acre parcel at 5950 Factory Shops Blvd., east of Interstate 75.

SVN Commercial Advisory Group represented the seller in the transaction.

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The news release from the commercial brokerage firm noted the property had previously been identified for retail and commercial uses, but that the partnership had "successfully re-entitled and permitted the property" for a four-story "mid-rise style" apartment community with resort-type amenities.

“This property is an excellent spot for a multi-family complex of this caliber, but it took somerezoning by the buyer to make it happen,” said Tony Veldkamp, a senior advisor at SVN Commercial Advisory Group. “The land had been approved for uses ranging from a movie theater to a 330-room hotel to someexpansive retail space. In the end, though, this apartment building will serve the community verywell.”

Still, the buyer did not indicate immediate plans to start construction, instead pointing to constrained construction financing and "ever-changing capital markets.

"Developers must prepare themselves to protect and carry their investments until there is a sense of normalcy," the partnership said in a prepared statement.

Matt Fenskey, also of SVN Commercial Advisory Group, said the planned apartment construction bodes well for the surrounding area.

“The North River market has more than 23,000 new homes approved or being built,” Fenske said. “Manatee County is one of the fastest-growing counties in the state and this new construction will help accommodate some ofthat population influx."

This article originally appeared on Sarasota Herald-Tribune: Manatee County development: Land sale could bring 235 apartments