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The Multifamily Firm Brokers Apartment Complex Sale in Sarasota, Florida

The Multifamily Firm Brokers Apartment Complex Sale in Sarasota, Florida

August 27, 2021


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The Multifamily Firm is proud to announce the sale of the South Bridge Apartments in Sarasota, Florida. The South Bridge Apartments was a turn-key apartment complex offering, consisting of 13 total units, in 3 buildings, on 1 parcel of approximately 0.74 acres. Located within walking distance of public beach access connected to Siesta Key Beach and the future 23-acre Siesta Promenade Development by Benderson Development, the asset is perfectly positioned for an apartment complex.

As such, the property attracted tremendous interest on a national stage and generated 15 written offers, as well as 407 registered buyers from 41 States around the Country. After several rounds of highest & best offers, the property went under contract in less than 3 weeks and sold at the contract price of $2,200,000, which equates to 98% of the list price, $169,231 per unit and $222 per square foot.

The sale marks the second time in the last 3 years that the property was sold by Phil Ginexi & Kyle Keelan of The Multifamily Firm. Originally purchased by the sellers in July 2018 for $1,475,000, the current sale represents a substantial 49% increase in value within a short 3-year hold period.

The South Bridge Apartment offering was originally scheduled to be marketed by our team back in March of 2020. After months of work with all the marketing material ready to launch, the unimaginable happened, and the world went into lockdown. Over a year later, after numerous market status calls and updated valuations, we finally launched the asset. Ironically, the initial list price in March of 2020 was significantly lower, however, with market demand far exceeding pre-pandemic levels, we elected to get more aggressive.

The South Bridge Apartments is the model multifamily acquisition for most of the investors trying to enter the market. The property had extensive interior & exterior renovations completed back in 2009, providing the ideal value-add scenario for investors to boost value through small / modest updates vs committing to a full renovation in a new market. Additionally, the property has a resort-like feel to it, with lush tropical landscape throughout, a tranquil swimming pool, sundeck lounge, & relaxing pavilion with a built-in BBQ area.

The marketing & sale of the asset 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!

Highlights of Apartment Complex Sale in Sarasota, Florida:

  • Sale Price: $2,200,000 ($169,231 Per Unit | $222 Per Square Foot)
  • Generated 15 Written Offers, 407 Registered Buyers from 41 States & Sold at 98% of List Price
  • Second Time in the Last 3 Years that The Multifamily Firm Has Sold the Property
  • Sourced an Out of State New to Market Buyer that Closed at the Contract Price
  • Substantial 49% Increase in Value Over a Short 3-Year Hold Period
  • Extensive Renovations Completed in 2009, Providing the Ideal “Light Lifting” Value-Add Scenario for New to Market Investors
  • Resort-Like Feel w/ Lush Tropical Landscape, Tranquil Swimming Pool, Sundeck Lounge & Pavilion w/ Built-In BBQ Area
  • Within Walking Distance of Public Beach Access Connected to Siesta Key Beach & the 23 Acre Siesta Promenade Development Site by Benderson Development

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