Solana Vista offers a great opportunity to acquire an established 200-unit Class B+ garden-style apartment community which has been substantially and professionally renovated located on an 17.41+ wooded acre site with mature oak trees and lush landscaping which nestles a three-acre lake in Bradenton (Manatee County), Florida. The Property is ideally located within close proximity to US 301 and I-75, situated only four miles from downtown Bradenton and the coastal areas of Anna Maria Island and Bradenton Beach. 

Completed in 1984, this renovated and gated property consists of thirteen wood-frame, two story residential buildings, containing 188,000 square feet of gross rentable area. The single-story luxurious clubhouse houses a leasing office, manager’s office, newly installed fitness center, business center, entertainment room featuring a billiards table and large screened-TV, fully equipped kitchen and coffee bar while offering direct access to the resort-styled swimming pool and expanded sunning deck.

The Property offers all the modern amenities which are demanded from today's discerning residents:

Community Amenities

•  Well-appointed Clubhouse with billiards, large-screen TV and Wi-Fi
• 24-hour modern fitness center
• Car care area
• Covered parking - offered at a $15 monthly premium
• Situated alongside a serene 3-acre lake with lush landscaping and wooded surroundings
• barbecue area under graceful palm trees
• Relaxing lakeside dock with bench seating
• Lighted tennis courts
• Shaded children's playground
• Broadband internet access
• Gated entrance
• Tranquil swimming pool are with expanded sunning deck

Individual Units offer

• Private screened patios/ balconies
• Walk-in closets
• Stackable washer/ dryers in all 200 units
• Courtyard, lake or pool views
• Additional storage space
• Energy efficient construction
• GE clean steel appliances
• Energy-saving air conditioning
• Upgraded fixtures and lighting (select units)
• Two-toned paint (select units)
• Wood laminate flooring (select units)
• Upgraded kitchens and baths (select units)

• This Property is being offered subject to the existing financing, which provides attractive terms and leverage
• Installation of new GE clean steel appliance packages and 14-seer air conditioning units, for all 200 units
• Recently completed major renovations including roof replacement, exterior paint, resurface parking lot, installation of fitness and business centers, installation of gutters and downspouts, replacement of screens on patios and balconies, replacement of pool furniture
• Well located, gated community overlooking a three-acre lake and beautifully accented by lush landscaping and wooded surroundings
• Asset being offered well below replacement cost
• The property’s terrific amenity package includes clubhouse with large-screen TV and billiard table, swimming pool with sundeck, fitness center, business center, tennis courts, car care area and available covered parking
• Interior upgrades in some units include new kitchens, bathrooms, fixtures and designer paint

Solana Vista is being sold subject to the two existing loans as outlined below:

Loan at origination: $5,082,296

Loan balance as of March 1, 2010: $4,876,441

Interest Rate: 7.210%

360-month amortization period

Original Loan Date: December 1, 2005

Maturity Date: December 1, 2015

Monthly P&I: $34,532

Loan is with Freddie Mac

December 1, 2015 the loan can be extended for 12 months and converts to a floating rate 250 points over 30 day LIBOR

Loan at origination: $3,150,000

Loan balance as of March 1, 2010: $2,972,856

Fixed Interest Rate: 5.620%

360-month amortization period

Original loan date: December 1, 2005

Maturity date: December 1, 2015

Monthly P&I: $18, 123

Loan is with Freddie Mac

December 1, 2015 the loan can be extended for 12 months and converts to a floating rate 250 points over 30 day LIBOR

Combined Summary

Original balances in the aggregate: $8,232,296

Current balances iin the aggregate: $7,849,297

Blended interest rate: 6.606%

Monthly P&I: $52,656

Annual P&I: $631,868

• Centrally located in the heart of Bradenton only minutes from US 301 and I-75
• Situated just off of 59^th Street West slightly north of Cortez Road, a primary east-west transportation corridor with direct access to US 41, a major north-south transportation artery
• Located only four miles from Anna Maria Island and Tidy Island, and only five miles from Bradenton Beach
• Less than seven miles from Sarasota-Bradenton International Airport
• 3.5 miles to Downtown Bradenton and 10 miles to Downtown Sarasota
• Bradenton is located 25 miles south of St. Petersburg, 45 miles south of Tampa, 90 miles north of the Fort Myers/Naples area and 100 miles southwest of Orlando