The Multifamily Firm Proudly Brokers 63-Unit Apartment Sale in Manatee County, FL

The Multifamily Firm is pleased to announce the successful sale of The Thomasville Apartments, a 63-unit apartment community located in Palmetto, Florida, within Manatee County. Brokered by Phil Ginexi and Kyle Keelan, the transaction achieved a sale price of $7,230,000, reflecting a per-unit valuation of $114,762 and a price of $189 per square foot. This benchmark transaction exemplifies The Multifamily Firm’s capacity to execute high-value, intricate multifamily property transactions with precision and professionalism.

A Distinctive Investment Asset

The Thomasville Apartments represent a rare and historically significant asset within the regional real estate landscape. Constructed, owned, and meticulously managed by the same proprietor for an impressive 54-year tenure, the property spans a 3.48-acre parcel and is comprised of 29 buildings featuring concrete block construction with robust masonry walls throughout. The property’s separately metered utilities, combined with an optimized unit mix, bolster its appeal to investors seeking sustainable operational efficiencies and long-term value.

Transactional Complexity and Resilience

This transaction presented substantial challenges, including a turbulent lending environment, limited property financials, extensive deferred maintenance, a scarcity of leases, and units leased without appliances. Undeterred, The Multifamily Firm adeptly secured third-party financing and addressed numerous transactional intricacies to achieve a successful closing. This milestone represents the third multifamily property sold for the same seller by Phil Ginexi and Kyle Keelan, underscoring the depth of their client relationships and their steadfast commitment to delivering results.

Value-Add Potential in a Prime Location

The Thomasville Apartments offer an exceptional heavy value-add opportunity, with potential rental increases on average exceeding $350/month per unit. The expansive parcel provides ample space for the incorporation of community amenities, enhancing both the intrinsic and extrinsic value of the property. Situated in a non-flood zone within Palmetto, Florida, the property is ideally located just 5 minutes from Downtown Bradenton and the Riverwalk, 6 minutes from Manatee Memorial Hospital, and 10 minutes from the Sunshine Skyway Bridge, Interstate 75, Ellenton Ice Complex, and Ellenton Premium Outlets. This strategic location ensures strong tenant demand while offering significant opportunities for growth and development.

About The Multifamily Firm

The Multifamily Firm, based in Sarasota and Tampa, is a boutique real estate brokerage specializing exclusively in the sale of multifamily properties. With every transaction personally managed by our founders and a proven track record of over 150 Multifamily properties sold across Florida’s West Coast, The Multifamily Firm delivers hands-on service, proven results, and a simplified selling process for Multifamily (Apartment) Owners!

Contact us today for a Complimentary Property Valuation to assess the market value of your Multifamily property!