MANATEE -- A New York real estate investment company that snapped up Bradenton's newest apartment complex in late July has made itself one of the largest single apartment owners in the county with its latest multimillion-dollar purchase.
On Aug. 24, Beachwold Residential bought the Solana Vista Apartments for $22 million. Manatee County property records show the company acquired the 200-unit complex using an $18.7 million mortgage. The complex is at 5801 Fishermans Drive, near the intersection of 59th Street West and Cortez Road West. It is adjacent to H.S. Moody Elementary School.
The seller, Solana Vista Apartments LLC of Las Vegas, sold the 31-year-old property after owning it for
more than five years. It purchased the apartments for $10.4 million.
Beachwold now owns more than $65 million in apartments in the Bradenton area. In July, the company purchased the recently completed 179-unit Riversong Apartments in downtown Bradenton. It has owned the 200-unit Fountain Lake Apartments in south Bradenton since 2012. Records show it paid $15.2 million for that property.
Elsewhere in Florida, Beachwold owns apartment buildings in Tampa, Dade City, Brandon, Winter Park and Jacksonville.
At least one apartment investment company owns more local real estate than Beachwold. TGM Associates, also based in New York, purchased two complexes in Manatee County for a combined $88.7 million between 2010 and 2014. Between them, the two properties -- TGM Yacht Club in Heritage Harbor and TGM Palm Aire Apartments in Palm Aire -- encompass 678 apartments. Solana Vista is made up of 13 residential buildings arranged around a small lake. Its amenities include two tennis courts, a swimming pool and a club house. It leases one- and two-bedroom apartments ranging in size from 800 to 1,000 square feet. Monthly lease rates range between $850 and $1,090, according to Solana Vista's listing on Apartments.com.
According Beachwold's website, that company controls more than 40 properties and more than 12,000 apartment units in Connecticut, Texas, Florida, New Jersey, Maryland, Tennessee and Virginia. Gideon Friedman, the company's acquisition manager, did not immediately respond to a request to comment on the Solana Vista purchase.
Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027 or on Twitter@MattAtBradenton.