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The Multifamily Firm Brokers Apartment Complex Sale in Downtown Sarasota, Florida

The Multifamily Firm Brokers Apartment Complex Sale in Downtown Sarasota, Florida

December 16, 2020


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The Multifamily Firm is proud to announce the sale of the Downtown 2021 Apartments in Sarasota, Florida. The sale consisted of 6 total units, in 3 masonry buildings, on 1 parcel of 0.34 acres of land, and sold for $690,000, equating to $115,000 per unit. As a result of an extensive National marketing campaign, the offering yielded multiple offers within 4 weeks of launch and generated 247 registered buyers from 26 States.

Prior to the sale, the property was acquired in July 2020 for $400,000 and was at the time considered a partially distressed asset. Upon acquisition, management was stabilized, the roofs on all three buildings were replaced, parking area was resurfaced/sealed, buildings were re-painted, and minor updates/repairs were completed on the interior of the units.

Following just a short 5-month hold period, the property was re-sold for a price point 73% higher than the recent acquisition price in July! Factoring in property improvements and closing costs, the sale equates to an astonishing 57% return on investment for the sellers!

The Downtown 2021 Apartments offering was a classic value-add opportunity that remains to be so highly demanded in the Florida market. The asset is ideally located within a short walk of Main Street in Downtown Sarasota, which features some of the area’s Best Restaurants & nightlife. As such, the property offers strong upside to achieve an average rent premium of $225 per month per unit by implementing a strategic interior renovation. The sale further demonstrates the continued resiliency and high demand of the Florida multifamily market.

The transaction was brokered by Phil Ginexi and Kyle Keelan of The Multifamily Firm. For information on other current offerings and new upcoming offerings, please visit www.MultifamilyFirm.com or contact us directly to join our distribution list to receive offerings before they hit the market!

Sarasota Apartment Complex Sale Highlights:

  • Sale Price: $690,000 ($115,000/Unit)
  • Achieved a Sale Price 73% Higher than the Recent Acquisition Price Just 5 Months Earlier
  • Prior to the Sale, the Property was Acquired in July 2020 for $400,000; Partially Distressed Asset at the Time
  • Enabled Seller to Achieve a 57% Return on Investment with a Short 5-Month Hold Period
  • Extensive National Marketing Campaign that Generated 247 Registered Buyers from 26 States
  • Strong Upside to Achieve an Average Rent Premium of $225 Per Month Per Unit by Implementing a Strategic Interior Renovation
  • Favorable Demographics w/ an Average Household Income of $70,970 Within a 1 Mile Radius & $74,239 Within a 3 Mile Radius of the Subject Property
  • Located Within a Short Walk of Main Street in Downtown Sarasota; Features Some of Best Rated Restaurants in the Area & an Abundance of Employment Opportunities
  • Favorable Unit Mix of 100% Two Bedroom / One Bathroom Units with 4 Units Equipped with Sizeable Screen-in Lanai’s
  • Brand New Shingle Roofs on All Three Buildings (July 2020)
  • All Buildings Recently Painted and Parking Area Newly Resurfaced

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