APH Property Holdings buys Vista At Palma Sola

BUYER: Vista Palma Sola LLC (American Property Holdings Corp.), Glenview, Ill.
SELLER: AB Merion Palma Sola Associates LLC
PROPERTY: 3900, 3902, 3906, 3910, 3914, 3918, 3922, 3926, 3930, 3934, 3938, 3942, 3946, 3950, 3954, 3958, 3962, 3966, 3974, 3970, 3978, 3982, 3986 and 3990 W. 75th St., Bradenton
PRICE: $27 million
PREVIOUS PRICE: $20.63 million, December 2011
LAW FIRM ON DEED: Alston & Bird LLP, Atlanta

PLANS, DESCRIPTION: APH Property Holdings, also known as American Property Holdings, purchased the 340-unit Vista At Palma Sola apartments for $27 million.

The price equated to $79,412 per unit.

The lakefront development, which was formerly known as the Colonial Grand at Palma Sola, features 23 residential buildings and a clubhouse. The 25-acre property contains a swimming pool and spa, volleyball court, playground, fitness facility, laundry facilities and a lighted tennis courts. Built in 1991, the garden-style apartment complex includes one-, two- and three-bedroom units.

As with all APH Property Holdings purchases, the property is being managed by Providence Management Co. LLC.

APH Property Holdings is a private real estate investment trust created New York City investment company Prospect Capital Corp. The trust has made a significant push into West Florida recently. Earlier this year, it purchased the 770-unit Camden Live Oaks apartment complex for $63.4 million ($82,338 per unit) and it recently acquired the 280-unit Lofton Place for $26 million (92,857 per unit).

The purchase entity Vista Palma Sola LLC mortgaged the property to CBRE Multifamily Capital Inc. for $17.55 million.