Joint Venture Buys Ellenton Property for Luxury Apartments

Todays News

Aerial photo courtesy SVN.

A luxury condominium will soon begin construction near Ellenton Premium outlets.

In a joint venture, Defined Companies and Nadeb Investments Group purchased a 7.86-acre property on Factory Shops Boulevard for $4.95 million. Now developers expect to build a 235-unit luxury apartment complex advertising resort amenities.

SVN Commercial Advisory Group represented the seller, Ohm Teerth Development in Bradenton. The land owners have worked in the last year to change the allowable land-use on the property, which in the past has been zoned for such retail uses as a movie theater.

Tony Veldkamp, a senior advisor at SVN, said the property is perfect for multi-use housing. While the property still have some commercial capacity, he said the land was easily marketed to developers specializing in residential construction.

“Mixed-use developers are few and far between,” he said. “Most know apartments or know retail. Few do both.”

Defined, a Fort Lauderdale company led by founders Noah Leon and Steven Guasch, has a focus on developing high-end multi-family residential. Nadeb, led by president Eben Mensah, specializes in the acquisition, development, construction, and management of multi-family residential communities.

Veldkamp said that while the project will primarily focus on the luxury market, developers did agree to keep 60 units in a price range deemed as “affordable housing” with the county in order to obtain density bonuses.

He said the community can expect an attractive resort-style development to result. Construction should start in the first quarter of this year, with the first units coming online within a year.

Matt Fenske, also of SVN, said the project indicates strong interest in an already-booming Manatee region.

“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 of that population influx.”

The buyers issued a joint statement saying this purchase made the most sense based on current forces.

“With the ever-changing capital markets constraining construction financing, developers must prepare themselves to protect and carry their investments until there is a sense of normalcy,” the statement read.

Aerial photo courtesy SVN.

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