August 27, 2026
Storm-damaged 6-unit apartment property sells for $208,333 per unit with 33% occupancy following an extensive restoration and repositioning program.
The Multifamily Firm has completed the $1.25 million sale of Edgewater Apartments, a six-unit townhome-style multifamily property located at 1559 7th Ave W in Bradenton, Florida. The closing equated to approximately $208,333 per unit despite the property being only 33% occupied at the time of sale.
The transaction marked the culmination of an unusual repositioning story that began after the property sustained significant flood damage during the major hurricanes that impacted the Sarasota-Bradenton area in late 2024. The flooding displaced the existing tenants and left the property substantially vacant while ownership undertook an extensive restoration and renovation program.
Extensive Post-Storm Restoration & Renovation In Bradenton, FL
Following the storm damage, ownership made a significant capital investment to restore and modernize the property.
Improvements included luxury vinyl plank flooring, granite countertops, white cabinetry, stainless-steel appliances, updated bathrooms and fresh interior finishes.
Edgewater consists entirely of 2-bedroom / 1.5-bathroom townhome-style residences and also features private laundry/storage rooms with washer/dryer hookups, water-view balconies, sizable rear patios and covered carports.
The property was originally constructed in 1975 with masonry construction and also benefits from a 2021 shingle roof and multiple recently replaced central HVAC systems.
Strong Sale Result Prior to Full Stabilization
After the renovations were substantially completed, ownership began leasing the property again. However, Edgewater was still early in the lease-up process when the sale occurred.
At closing, only two of the six units were occupied, yet the property still sold for $1.25 million, or approximately $208,333 per unit.
The result required buyers to evaluate the property based on more than its current in-place income. The completed renovations, townhome-style layouts, physical improvements, central Bradenton location and remaining lease-up potential all contributed to the property’s value.
Seller Financing Helps Support the Transaction
Seller financing also played an important role in the final deal structure.
Because the property had not yet reached stabilized occupancy, its current income did not fully reflect the value of the newly renovated asset. A favorable seller-financing structure helped bridge that gap and support the ultimate sale price.
While the specific terms remain confidential, the transaction demonstrates how seller financing can sometimes be used strategically to preserve value rather than relying exclusively on price adjustments to bridge differences between buyer and seller expectations.
The Benefits Of The Downtown Bradenton Location
Edgewater Apartments is located near Downtown Bradenton and the Manatee River waterfront.
The property is within walking distance of Downtown Bradenton and approximately 0.8 miles from the Bradenton Riverwalk, while also providing convenient access to Manatee Memorial Hospital, LECOM Park, Sarasota-Bradenton International Airport and the beaches of Anna Maria Island.
The combination of its central location, renovated interiors and townhome-style layouts helped differentiate Edgewater from many similarly sized multifamily properties.
From Storm Damage to Successful Sale For The Multifamily Firm
For The Multifamily Firm, the Edgewater Apartments transaction illustrates the importance of understanding the circumstances surrounding an asset rather than simply evaluating it on current income.
The property had experienced major storm-related disruption, ownership had made a significant investment to restore and renovate it, and the asset was still in lease-up. TMF marketed the property around the value already created through the renovation while also highlighting the remaining upside for the next owner.
Seller financing helped support that strategy, while TMF remained actively involved through negotiations, due diligence and several late-stage transaction challenges to preserve the deal and bring the sale to closing.
“Edgewater is a good example of why every multifamily property has to be evaluated based on its individual circumstances rather than simply applying a formula to the current income,” said Phil Ginexi, Co-Founder of The Multifamily Firm. “The property had gone through a major disruption following the 2024 storms, ownership made a significant investment to restore and renovate it, and we were ultimately able to achieve a strong per-unit result before the property was fully stabilized. Seller financing was also an important component in creating a structure that worked for both sides.”
The closing represents a positive conclusion to a challenging chapter for the property while providing the new ownership group with a substantially renovated multifamily asset and additional opportunity through continued lease-up.
Thinking About Selling Your Multifamily Property? Contact The Multifamily Firm for a Confidential Multifamily Property Valuation.
Whether your property is stabilized, undergoing renovations, experiencing vacancies or facing another unique ownership situation, The Multifamily Firm can help evaluate both the current value of the asset and the strategies available to maximize a potential sale. Contact us today by clicking here.