Merion Realty Partners, along with its joint venture partners, acquired the 1986 built Bradenton Reserve Apartments in Bradenton, Florida. The 166 unit property is located next to the nationally recognized IMG academy, an academic and athletic college preparatory boarding school occupying a 450 acre campus. The seller had recently completed an appealing exterior and common area renovation and had done some apartment interior upgrades which missed the mark in terms of finish selection. The poor finish choices resulted in suppressed rents compared to nearby competitive communities. Merion plans to fully upgrade the remaining non-renovated apartments in its trademark “Simply Modern” finish package and to enhance the already renovated apartments with white shaker style cabinet faces, new countertops and a new paint scheme to bring them closer to the Simply Modern Spec. In addition, certain water and electricity savings measures will be implemented including installing low flow aerators, new 1.28 gpf toilets and replacing all common area lighting with LED fixtures. Merion believes these improvements will allow the property to reach its full revenue potential and to be more universally appealing to renters.
Merion Acquires Carillon Woods
Merion acquired the newly constructed Carillon Woods in August 2021. The Property was developed, owned and managed by a large Delaware homebuilder. Although the property is new, there are several opportunities where Merion can add value. In addition, Merion has...
