| Riverfront apartments sold
MELISSA FOLLOWELL
Herald Staff Writer
BRADENTON - Mainstreet at Bradenton has been sold for $38 million to a company known for converting apartments into condos throughout Florida. The 252-unit riverfront apartment complex at 210 W. Third St. opened just two years ago. The rental community is on property known as the Sandpile. The property's gates once bore signs proclaiming move-in specials but leasing has come to a halt at the complex, which has been renamed 210 Watermark. Officials from the new owners, Tarragon Realty Investors, could not be reached for comment. It is unknown whether Tarragon plans to keep the complex a rental community or convert it to condominiums. Residents received a letter informing them of the ownership and name change but haven't been given any additional information. Nearby, The Promenade at Riverwalk, a luxury condo development that will feature two 15-story buildings, is under construction. That, in combination with the river view, make the property ideal for condo conversion, said Gina Uliano of Wagner Realty. "Condos, to be honest with you, are the one thing still moving strong in this market," Uliano said. The Manatee County Property Appraiser's Office records back up Uliano's claim. While housing sales were down in September in comparison to September 2004, condo sales were up. "The large increase in the number of condo sales comes from a new condo conversion project and the sale of these lower-priced units is likely the explanation for the lower percentage increases in median prices for condos the lasts two months," said Dale Friedley of the Property Appraisers Office. Condo conversions are often more reasonably priced than single-family homes and are attracting young families, second homebuyers, empty nesters and investors. Investors made up the majority of those who camped out at Lakewood Ranch's Colonial Village at Town Park when it was announced the 19-building complex was going condo in June. Some arrived as many as three days before the complex started taking deposits to sleep in their cars and wait. The purchase of 210 Watermark is Tarragon's second venture into Manatee County. At its first purchase, Tradition at Palm Aire, formerly known as Whispering Oaks, leasing was halted after the sale. An announcement scheduled for early December will let Tradition residents and employees know its fate. "Tarragon Corp. hasn't made a decision on whether or not Traditions will remain a rental community," said Crystal Westly, a Traditions employee. So far this year, the Manatee County Property Appraiser's Office has recorded two official conversions, eliminating 700 units from the county's already dwindling rental market. Friedley believes more conversions will follow. "Unless the trend changes, within another year there's going to be six or seven more," Friedley said. In an area with a lack of affordable housing, for many leasing is the only viable option. Declining supply most likely will lead to rent increases in an area where the market is already tight and more people will get pushed out, Friedley said. "Obviously, when you're taking that many units out of the rental inventory, there is going to be an effect," Friedley said. Melissa Followell, Herald reporter, can be reached at 708-7920 or mfollowell@HeraldToday.com. | 
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