July 14, 2021
The Multifamily Firm is proud to announce the sale of Lake Forest Villas in Sarasota, Florida. The offering consisted of a fully renovated 10-unit apartment building with a renovated 1-unit clubhouse and new 25-yard lap pool on 1 parcel of 6.43 acres of land. Under the current zoning, the property presented an exceptional development opportunity to add 47 apartment units on the parcel, while having the rare advantage of receiving in-place cash flow from the existing 10-unit apartment building.
As such, the offering was highly demanded on a national stage, generated multiple offers, and sold at 99% of list price for a record-breaking $270,445 per unit, equating to a sale price of $2,975,000. The sale represents the highest price per unit apartment building sale in Sarasota County for properties built before 2017 and consisting of 5 or more units!
Through a rigorous National marketing campaign, the offering generated a staggering 503 registered buyers from 43 States and ultimately resulted in the sourcing of a new to market buyer that closed at the contract price.
Lake Forest Villas is perfectly positioned in Central Sarasota on Bee Ridge Road, within a short drive of Downtown, Siesta Key, and Interstate 75. The property is significantly set back off Bee Ridge Road, accessed by a private gated entrance, providing a quiet & remote retreat feel. The location was a huge selling point for the asset, as it provided the ability to develop new units in a location where new construction and land for new construction are virtually non-existent.
The marketing & sale of the property was brokered by Phil Ginexi & Kyle Keelan of The Multifamily Firm. For additional information regarding the sale and/or upcoming offerings, please visit MultifamilyFirm.com or contact us directly to join our distribution list for new exclusive listings!
APARTMENT BUILDING SALE IN SARASOTA, FL HIGHLIGHTS:
- Sale Price: $2,975,000 ($270,455 Per Unit)
- Record-Breaking Highest Price Per Unit Apartment Sale in Sarasota County for Properties with 5 or More Units, Built Before to 2017
- Sold at 99% of List Price w/ Seller Financing & Produced Multiple Offers
- Consisted of a Renovated 10-Unit Apartment Building w/ a Renovated 1-Unit Clubhouse & New Pool on 6.43 Acres
- Offering Provided an Exceptional Opportunity to Develop an Additional 47 Units on the Parcel w/ Strong In-Place Cash Flow from the Existing 10-unit Apartment Building
- Produced 503 Registered Buyers from 43 States & Sourced a New to Market Buyer that Closed at the Contract Price
- Perfectly Positioned in Central Sarasota on Bee Ridge Road, within a Short Drive of Downtown, Siesta Key & Interstate-75