2 Manatee apartment complexes sell for $27M

Vista at Palma Sola and Summer Cove both sold

cschelle@bradenton.comMay 11, 2013 

MANATEE--Two neighborhood developments have new owners after two mega deals this month.

The Vista at Palma Sola neighborhood development was sold in a $27 million deal on May 3, and Summer Cove was sold for $26.8 million on the same day.

The 340-unit apartment complex, 3900 75th St. West, was sold by AB Merion Palma Sola Associates to Vista Palma Sola LLC, according to real estate sales records. Vista Palma Sola is based in Glenview, Ill., according to mortgage records, and has a regional office in Tampa. The company's three other Florida properties are in Tampa and New Tampa, according to its website.

The complex sent out a letter to its residents communicating that ownership and management of the complex changed on April 30 from Merion Realty Management to Providence Management Co. The letter said a new community manager has been named and "many of the existing team members will remain at the property." "We are excited and anxious to continue the highest standard of service in the industry for you and your home," the letter states.

The complex features a community center with a pool for the one-, two- and three-bedroom apartments on a 25-acre parcel and was built in 1991.

Palma Sola previously sold for $20 million in December 2011, according to the property appraiser's website, from CMS Palm Sola Associates Limited, which appeared to be a division of the same Pennsylvania-based company as AB Merion.

The Summer Cove development, on Lockwood Ridge Road south of Tallevast Road, contains 26.5 acres. It sold to Summer Cove Holdings LLC from Acpre Prs Realty LLC, according to real estate sales records. Acpre Prs is based in Irving, Texas, according to its filing with the Florida Division of Corporations.

Acpre acquired the property from Summer Cove 224 Delaware for $1 in 2005, according to the property appraiser. Before that, Summer Cove 224 purchased the property for $34.7 million in July 2005, and has changed hands three other times, according to property records.

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