• Palma Sola Bay Club - 3410 77th St W, Bradenton, FL 34209

For Sale

Multi-Family

For Sale

This property is available for sale
30.0
Acres
Negotiable
Sale Price
  • Total Building Size
    1 RSF
  • Overview

    Palma Sola Bay Club is located in Bradenton, Florida, a mid-sized city on the Gulf Coast of Florida. Manatee County is south of the Tampa/St. Petersburg area and north of Sarasota. The community is conveniently located off 75th Street between Manatee Avenue and Cortez Road and sits on the east side of Palma Sola Bay. The luxury condominium community located within a 10-minute drive from the splendor of Anna Maria Island. Bradenton is known for its miles of pristine beaches and gorgeous weather year round. The beaches include Anna Maria Island, Bradenton Beach, Holmes Beach, Coquina Beach and many more. Siesta Key, America's #1 rated beach is also nearby. In addition, Palma Sola Bay Club is close to many amenities, including Downtown Bradenton, Downtown Sarasota, Lakewood Ranch, UTC Mall and Ringling Fine Arts Museum. There are many highly-rated golf courses within a short drive from the property, as well as many other outdoor recreation activities. SVN Commercial Advisory Group has been exclusively engaged to present this beautiful turn-key development investment opportunity to qualified real estate investors seeking to complete a legacy project with excellent returns. The real estate investment fund that owns this project is being closed down in 2020, and they wish to remove Palma Sola Bay Club (PSBC), the last remaining asset, from the fund no later than third quarter 2020. This provides a prime opportunity for an investor to capitalize on their need to sell a very well located, beautifully designed, and performing development project. The original plans for Palma Sola Bay Club include 207 units plus numerous amenities including water access to Palma Sola Bay, on 30 +/- acres of land located in West Bradenton in Southwest Florida. Of the 207 planned units, 135 units have been constructed, sold and closed. The remaining 72 units are the inventory of this offering. Those 72 units are broken down as: 8 sold in backlog, 14 completed spec units, 14 units under construction, and 36 units to be located in 4 remining buildings yet to be constructed. This is a turn-key development project in that the very experienced multi-family contractor is in place under a GMAX contract (guarantee maximum) and they assume all future warranty obligations of the project. The owner/investor assumes no construction liability. There is a $10 Million construction loan in place that is assumable for the new owner to step into. Additionally, the fully furnished model units, the sales team and marketing team are all in place and currently operating. Sales are active and ongoing with four closings scheduled in June 2020. During the recent COVID-19 issues, the owners of PSBC have been able to keep sales moving forward with some pricing adjustments and sale incentives resulting in 6 sales in March & April. Between June 2020 and the closing on the purchase of this investment opportunity, 100% of the projected cash flow will remain in the project either increasing cash on hand or paying construction debt. The cash flow build-out projections (available on request), show a final close out sale in December 2023. However, as the SW Florida residential real estate market remains very strong, and the effects of COVID-19 seem to be diminishing, it is felt that over the remaining life of this project, prices can be increased, and sales volume will increase, thereby increasing the projected investor distributions and decreasing the holding time. Palma Sola Bay Club is a 207-unit age-targeted condominium community located on Florida's West Coast in Bradenton, Florida. The community, when complete, will consist of 23 9-unit buildings of 3-stories of mid-rise condos over first floor parking. It offers a premier location for anyone looking to move into the area, with condominiums for sale from the upper-$300,000’s. Palma Sola Bay Club is located minutes from the beautiful beaches of Anna Maria Island, championship golf, the arts, great shopping and more. The community amenities include a beautiful 2-story clubhouse with room for meetings, a gym, pool hall, and kitchen space. The clubhouse also serves as the office space for onsite project superintendent and event planner. The outdoor area has a deck overlooking the lake, fire pit, pool, bocce courts, putting green, grill areas and an observation deck / kayak launch on Palma Sola Bay providing direct water access. Floorplans are static on each level and include two 3-bedroom options (1,857 SF livable space) and one 2-bedroom option (1,657 SF livable space). Michael Saunders & Company, one of the top residential real estate companies in the area, has two dedicated sales associates driving sales with a Sales Director that oversees performance, pitch and training. Unit prices vary based on proximity to Palma Sola Bay and quality views, but generally range between $400k & $700k.

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Property Details

Palma Sola Bay Club is located in Bradenton, Florida, a mid-sized city on the Gulf Coast of Florida. Manatee County is south of the Tampa/St. Petersburg area and north of Sarasota. The community is conveniently located off 75th Street between Manatee Avenue and Cortez Road and sits on the east side of Palma Sola Bay. The luxury condominium community located within a 10-minute drive from the splendor of Anna Maria Island. Bradenton is known for its miles of pristine beaches and gorgeous weather year round. The beaches include Anna Maria Island, Bradenton Beach, Holmes Beach, Coquina Beach and many more. Siesta Key, America's #1 rated beach is also nearby. In addition, Palma Sola Bay Club is close to many amenities, including Downtown Bradenton, Downtown Sarasota, Lakewood Ranch, UTC Mall and Ringling Fine Arts Museum. There are many highly-rated golf courses within a short drive from the property, as well as many other outdoor recreation activities. SVN Commercial Advisory Group has been exclusively engaged to present this beautiful turn-key development investment opportunity to qualified real estate investors seeking to complete a legacy project with excellent returns. The real estate investment fund that owns this project is being closed down in 2020, and they wish to remove Palma Sola Bay Club (PSBC), the last remaining asset, from the fund no later than third quarter 2020. This provides a prime opportunity for an investor to capitalize on their need to sell a very well located, beautifully designed, and performing development project. The original plans for Palma Sola Bay Club include 207 units plus numerous amenities including water access to Palma Sola Bay, on 30 +/- acres of land located in West Bradenton in Southwest Florida. Of the 207 planned units, 135 units have been constructed, sold and closed. The remaining 72 units are the inventory of this offering. Those 72 units are broken down as: 8 sold in backlog, 14 completed spec units, 14 units under construction, and 36 units to be located in 4 remining buildings yet to be constructed. This is a turn-key development project in that the very experienced multi-family contractor is in place under a GMAX contract (guarantee maximum) and they assume all future warranty obligations of the project. The owner/investor assumes no construction liability. There is a $10 Million construction loan in place that is assumable for the new owner to step into. Additionally, the fully furnished model units, the sales team and marketing team are all in place and currently operating. Sales are active and ongoing with four closings scheduled in June 2020. During the recent COVID-19 issues, the owners of PSBC have been able to keep sales moving forward with some pricing adjustments and sale incentives resulting in 6 sales in March & April. Between June 2020 and the closing on the purchase of this investment opportunity, 100% of the projected cash flow will remain in the project either increasing cash on hand or paying construction debt. The cash flow build-out projections (available on request), show a final close out sale in December 2023. However, as the SW Florida residential real estate market remains very strong, and the effects of COVID-19 seem to be diminishing, it is felt that over the remaining life of this project, prices can be increased, and sales volume will increase, thereby increasing the projected investor distributions and decreasing the holding time. Palma Sola Bay Club is a 207-unit age-targeted condominium community located on Florida's West Coast in Bradenton, Florida. The community, when complete, will consist of 23 9-unit buildings of 3-stories of mid-rise condos over first floor parking. It offers a premier location for anyone looking to move into the area, with condominiums for sale from the upper-$300,000’s. Palma Sola Bay Club is located minutes from the beautiful beaches of Anna Maria Island, championship golf, the arts, great shopping and more. The community amenities include a beautiful 2-story clubhouse with room for meetings, a gym, pool hall, and kitchen space. The clubhouse also serves as the office space for onsite project superintendent and event planner. The outdoor area has a deck overlooking the lake, fire pit, pool, bocce courts, putting green, grill areas and an observation deck / kayak launch on Palma Sola Bay providing direct water access. Floorplans are static on each level and include two 3-bedroom options (1,857 SF livable space) and one 2-bedroom option (1,657 SF livable space). Michael Saunders & Company, one of the top residential real estate companies in the area, has two dedicated sales associates driving sales with a Sales Director that oversees performance, pitch and training. Unit prices vary based on proximity to Palma Sola Bay and quality views, but generally range between $400k & $700k.

  • Property Type
    Multi-Family
  • Submarket
  • Total Building Size
    1RSF
  • Total Acres
    30.0
  • Sale Status
    Available
  • Last updated
    Jun 26, 2020
  • Property ID
    2159027

Landlord's Sales Representatives

  • Matt Fenske
     
  • Tony Veldkamp
    Sperry Van Ness