May 6, 2021
The Multifamily Firm is proud to announce the completed transaction of the Laurel Place Villas, a Downtown Sarasota apartment building sale in the highly demanded, historic neighborhood of Laurel Park. Laurel Place consists of 6 units, in 2 buildings, on 2 parcels connecting Laurel Street to Cherry Lane, totaling 0.24 acres of land.
The property was on the market for less than a week before receiving multiple offers and going under contract. The transaction was an all-cash deal with a substantial escrow deposit non-refundable within 15 days and closed at the contract price of $1,350,000 within 30 days of contract execution: tallying to a total disposition timeline of less than 37 days from the commencement of marketing to closing!
The sale price equates to a record-breaking $225,000 per unit and $304 per square foot, which marks the highest price per unit Multifamily sale in Sarasota County history for properties ranging from 5 to 200 Units. Through a rigorous National marketing campaign, the offering generated 172 registered buyers from 28 different states and ultimately resulted in the sourcing a new to market out of State buyer that acquired the asset.
The Laurel Place Villas are located in the Class A+ location of Laurel Park, which commands some of the highest rents per square foot in Sarasota County. The location is within just a short walk of some of Sarasota’s Best Restaurants, Main Street, Burns Court, Bayfront Park, and the Downtown Sarasota Farmer’s Market. With the property consisting of 2 parcels connected from Laurel Street to Cherry Lane, the highly desired location provides significant redevelopment opportunities and multiple exit strategies.
The marketing & sale of the property was brokered by Phil Ginexi & Kyle Keelan of The Multifamily Firm.
DOWNTOWN SARASOTA APARTMENT BUILDING SALE HIGHLIGHTS:
- Sale Price: $1,350,000 | Record-Breaking $225,000 Per Unit | $304/Square Foot
- Highest Price Per Unit Multifamily Sale in Sarasota County History for Properties Ranging from 5 to 200 Units.
- Negotiated an All-Cash Deal with a Substantial Escrow Deposit Non-Refundable Within 15 Days of Contract Execution
- Produced Multiple Offers & Went Under Contract Within a Week of Marketing
- Sourced a New to Market Out of State Investor and Closed at the Contract Price within 30 Days of Contract Execution
- Total Disposition Timeline of Less Than 37 Days from the Commencement of Marketing to Closing
- Rigorous National marketing campaign that generated 172 registered principals from 28 different States
- Class A+ Location, Which Commands Some of the Highest Rents Per Square Foot in Sarasota County
- Within a Short Walk of Sarasota’s Best Restaurants, Main Street, Burns Court, Bayfront Park, & the Saturday Farmer’s Market
- Highly Desired Location Providing Significant Redevelopment Opportunities & Multiple Exit Strategies
For additional information regarding the sale and/or upcoming offerings, please visit MultifamilyFirm.com or contact us directly to join our distribution list!