The Mitchell at Ellenton
Manatee County Land Will Be Site of Four-Story Luxury Apartment Complex
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, FL, in an all-cash transaction.
The property, located at 5950 Factory Shops Blvd., was previously approved for retail and commercial uses, and the partnership successfully re-entitled and permitted the property for a 4-story, mid-rise style, 235-unit luxury apartment community with resort-style amenities.
The project’s location is ideal, providing convenient access to I-75 and U.S. Route 301. Additionally, the project will provide a unique live-and-play experience for residents with walkability to the adjacent mall, local dining and entertainment.
“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,” said the partnership.
Advisors from SVN Commercial Advisory Group represented the seller, OHM TEERTH DEVELOPMENT, LLC, in the $4.95 million transaction.
“This property is an excellent spot for a multi-family complex of this caliber, but it took some rezoning by the buyer to make it happen,” said Tony Veldkamp, CCIM, Senior Advisor. “The land had been approved for uses ranging from a movie theater to a 330-room hotel to some expansive retail space. In the end, though, this apartment building will serve the community very well.”
Matt Fenske, also of SVN Commercial Advisory Group, said that the planned construction is indicative of a boom the surrounding area has experienced in recent years.
“The North River market has more than 23,000 new homes approved or being built,” said Fenske, an Advisor for the Sarasota- and Tampa-based group. “Manatee County is one of the fastest-growing counties in the state and this new construction will help accommodate some of that population influx.”