August 8, 2022
The Multifamily Firm is proud to announce the sale of another Sarasota Pines Condominium Portfolio, a fractured condo offering consisting of 6-units in an 80-unit Condo community in Sarasota, Florida. The offering was marketed off-market through The Multifamily Firm’s proprietary Investor Database for less than 3 weeks, generated multiple offers, and sold for $810,000. The sale equates to $135,000 per unit and $242 per square foot, which to date is the new record for highest price per unit & price per square foot in the history of the Sarasota Pines Condominium Community!
Comprised entirely of One Bedroom / One Bathroom units with the same floorplan, Sarasota Pines has 10 buildings constructed in 1974 and a central clubhouse area with a swimming pool. With most of the units rented as traditional apartments, 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.
A cash deal with a significant deposit non-refundable in 15 days, the portfolio was acquired by a 1031 exchange buyer, sourced by The Multifamily Firm. The marketing & sale of the Sarasota Pines Portfolio was brokered by Phil Ginexi & Kyle Keelan. For additional information regarding the sale and/or new multifamily offerings, please contact us directly or visit our company website at MultifamilyFirm.com, to join our Investor Database & receive new exclusive listings before they hit the market!