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The Multifamily Firm Brokers Downtown Sarasota Apartment Building Sale in Historic Neighborhood

The Multifamily Firm Brokers Downtown Sarasota Apartment Building Sale in Historic Neighborhood

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!