Bradenton condo converter cuts prices [South Florida]
When Matt Kihnke paid $15.5 million for a Bradenton apartment complex in March 2005, the Chicago investor looked primed to become the architect of another condo conversion success story.
That was before the real estate market went soft and became saturated with converted apartments. Kihnke’s property, a 272-unit complex about five miles north of Sarasota-Bradenton International Airport, is still about a third unsold.
But if Southwest Florida’s condo conversion game really is a game, Kihnke is an old pro.
He has converted four Sarasota and Bradenton apartment complexes into condominiums in the past five years. And he knows what he has to do to move units at his Sanctuary of Bradenton spread.