Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today it has been awarded the exclusive listing for Vista at Palma Sola, a 340-unit multifamily asset in Bradenton, Florida. The property is being offered for sale unpriced and free and clear of existing debt.
“Vista at Palma Sola has a strong advantage over the competitive set in the submarket, which is surrounded by high barriers to entry,” says Frank Carriera, senior managing director. “Of the few similar properties nearby, Vista at Palma Sola is the closest to Bradenton Beach and Anna Maria Island.”
“There are also considerable operational upsides, including the ability to capitalize on well below market rents, and the opportunity to enhance value by continuing the improvement program and implementing a more significant upgrade package in order to achieve higher premiums,” adds Michael Regan, senior managing director.
Carriera and Regan are representing the seller.
The property is located at 3900 75th St. West in Bradenton near Anna Maria Island, Longboat Key, Blake Medical Center, IMG Academy, State College of Florida and Manatee Memorial Hospital.
Built in 1991 on more than 24 acres, 70 of Vista at Palma Sola’s apartment interiors have received improvements that include stainless-steel kitchen appliances, Beachwood-style vinyl flooring, new cabinet facings and updated brushed-nickel lighting and faucet fixtures. Community amenities include a resort-style swimming pool with cabana, an outdoor kitchen area with propane grills and a large lake with fountains.
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.
