January 26, 2021
The Multifamily Firm is proud to announce the apartment building sale of the Palma Sola Bay Villas in Bradenton, Florida. The sale consisted of 8 total units, in 1 building, on 1 parcel of approximately 0.41 acres of land, and sold for $725,000.
This is the second time in the last 5 years that Phil Ginexi & Kyle Keelan of The Multifamily Firm have sold the asset, and with the recent sale, facilitated a 73% increase from acquisition to disposition price within a 5-year hold period! Through a rigorous National marketing campaign, the offering generated 11 written offers, 210 registered principals from 27 different States, and went under contract within 3 weeks of marketing at 96% of list price.
The Palma Sola Bay Villas is rock-solid masonry construction, built in 1974, with the added benefit of poured concrete sub-flooring between floors. That asset is perfectly positioned within a short drive to the beach, but not in a flood zone, and sits just south of Cortez Road, which is densely populated with abundant National retailers. Additionally, the property maintained strong historic occupancy with a trailing 3-year vacancy rate below 3% and a 100% rent collections rate through the heart of the pandemic! With the acquisition, the buyer will have strong upside potential, as the two neighboring apartment complexes have an average rent that is $408-$475/month higher than the subject property.
The Palma Sola Bay Villas sale closed at the contract price with local lender financing within 60 days of contract execution, despite occurring through the Holiday season! Per the buyer of the asset, “This has been one of the smoothest transactions we’ve ever done, and we hope to work with you again in the future!”
From the Palma Sola Bay Villas Multifamily Property Seller:
“Over the past several years, I have used Phil Ginexi at the Multifamily Firm to help me with my real estate investments. As a buyer and a seller, I have been extremely impressed the with service I received. My transactions closed quickly and smoothly. I look forward to working with Phil in the near future as I work to acquire additional properties.” ~ John W.
BRADENTON APARTMENT BUILDING SALE HIGHLIGHTS:
- Sale Price: $725,000 ($90,625 Per Unit)
- Second Time in the Last 5 Years that Phil Ginexi & Kyle Keelan of The Multifamily Firm Have Sold the Asset
- Facilitated a 73% Increase from Acquisition to Disposition Price Within a 5 Year Hold Period
- Under Contract Within 3 Weeks of Marketing at 96% of the List Price
- Closed as the Contract Price with Local Lender Financing Within 60 days of Contract Execution During the Holiday Season
- Rigorous National marketing campaign that generated 11 written offers, 210 registered principals from 27 different States
- Perfectly Positioned for a Florida Apartment Building, just a Short Drive to the Beach and NOT in a Flood Zone!
- Rock-Solid Masonry Construction Built in 1974 w/ the Added Benefit of Poured Concrete Sub-Flooring Between Each Floor
- Substantial Upside Potential with the Two Neighboring Apartment Complexes Having an Average Rent that is $408-$475/Month Higher than the Subject Property
The transaction was brokered by Phil Ginexi and Kyle Keelan of The Multifamily Firm. For information on current and upcoming offerings, please visit www.MultifamilyFirm.com or contact us directly to join our distribution list for access to offerings before they hit the market!