5933 28th Ave W
Bradenton, FL 34209
Preserve at Manatee Bay · Multifamily Property For Sale · 152 Units

The Preserve at Manatee Bay is a 152-unit garden-style apartment community situated in Bradenton, Florida. Bradenton, a vibrant Gulf Coast city situated along the southern bank of the Manatee River in Manatee County, is about 50 miles south of Tampa and just inland from the barrier island beaches of Anna Maria Island. As the county seat and economic hub of Manatee County, Bradenton anchors a region that has emerged as one of Florida's most dynamic growth corridors, benefiting from its position within the North Port–Sarasota–Bradenton MSA. The city blends a revitalized downtown riverfront with established residential neighborhoods, new master-planned communities, and convenient access to world-class Gulf Coast beaches. The area's appeal to retirees, remote workers, and young professionals alike has sustained steady in-migration from markets including Tampa, Atlanta, New York, and the broader Northeast, reinforcing demand for housing across all product types. With a below-average homeownership rate, a persistent workforce housing gap, and strong lifestyle fundamentals, Bradenton continues to attract both residents and investors seeking long-term value in one of Florida's most consistently growing coastal markets.
Compelling Reset-Basis Opportunity with $1.5M of Recent Capital Improvements
The Preserve at Manatee Bay is a rare opportunity to acquire a substantially improved, coastal-adjacent Bradenton apartment community at a meaningful discount to the seller's all-in basis. Current ownership acquired the 152-unit asset in September 2022 and has since invested ~$1.5 million in property-wide capital improvements and unit renovations. At an anticipated pricing range of $31 million, the offering represents a compelling reset-basis opportunity below both the seller's acquisition basis and estimated all-in basis.
Significant Capital Already Completed
Current and prior ownership have executed a meaningful renovation and capital improvement program across the asset. Approximately 90 units have been renovated, with renovated units achieving an estimated rent premium of approximately $140/month. In addition to interior upgrades, ownership has completed major property-level improvements, including full roof replacement in 2023, 80 new HVAC systems, extended patios, exterior paint and stucco repairs, landscaping and pool enhancements, office renovation, exterior LED lighting, dog park, car wash area, pet stations, mailboxes, fencing, window reglazing, and chimney replacements.
Clear Remaining Value-Add Upside
With a significant portion of the asset already renovated, a new owner has the opportunity to continue the proven renovation program across the remaining classic units while benefiting from major capital improvements already completed by current ownership. Based on the reported renovation premium of approximately $140/month, the remaining renovation runway represents a clear path to incremental income growth.
Durable 1985 Construction in a Coastal-Adjacent Location
Built in 1985, The Preserve at Manatee Bay offers low-density garden-style construction in a highly desirable west Bradenton location. Residents enjoy convenient access to Anna Maria Island, Bradenton Beach, Longboat Key, downtown Bradenton, Sarasota, major retail corridors, healthcare, employment centers, and Gulf Coast lifestyle amenities
Capital Improvements & Renovation Upside
Ownership reports a substantial recent capital program totaling approximately $1.5 million. Roughly 90 units have already been upgraded, and a measurable rent premium has been established. A new owner can focus on continuing the proven unit renovation program while benefiting from high-cost capital already addressed.