August 5, 2022
The Multifamily Firm is proud to announce the sale of the Sarasota Pines Condominium Portfolio, a fractured condo offering consisting of 11-units in an 80-unit Condo community in Sarasota, Florida. Comprised entirely of One Bedroom / One Bathroom units with the same floor-plan, the community has 10 buildings constructed in 1974 and a central clubhouse area with a swimming pool. With most of the units operating as traditional apartment units, the offering provided a unique opportunity to establish a sizable rental portfolio, with the potential to easily add scale by acquiring additional units in the complex.
The offering was on the market for about a month before generating multiple offers and sold for $1,210,000, equating to $110,000 per unit and $197 per square foot. An all-cash deal with a substantial deposit non-refundable in 21 days, the portfolio was acquired by a new to market 1031 exchange buyer, sourced by The Multifamily Firm’s proprietary Investor Database.
The marketing & sale of the Sarasota Pines Portfolio was brokered by Phil Ginexi & Kyle Keelan of The Multifamily Firm. For additional information regarding the sale and/or new multifamily offerings, please contact us directly or visit our website at MultifamilyFirm.com, to join our Investor Database & receive new exclusive listings before they hit the market!