July 14, 2020
The Multifamily Firm is proud to announce the sale of the Royal Poinciana Gardens Apartments in Sarasota, Florida. The Royal Poinciana offering was a classic value-add opportunity with strong upside potential and consisted of 10 total units in 2 masonry construction buildings built in 1981. The property was marketed for about 3 weeks before receiving multiple offers and went under contract just as the COVID-19 pandemic took off.
Like most multifamily properties in the region, rent collections at the subject property remained above 90% during the pandemic. Despite contract extensions for delays caused by the shutdown, the lender held strong on financing the deal without requiring additional reserves / equity and the transaction closed at the contract price of $1,360,000 ($136,000 per unit).
The transaction speaks volumes to the resiliency of the multifamily market on the west coast of Florida during the pandemic and the on-going high demand for value-add multifamily / apartment opportunities. With the acquisition, the buyer plans to implement a substantial interior & exterior renovation, which when completed will enable the buyer to achieve an average rent premium of nearly $400 per month per unit!
The property was marketed and sold by Phil Ginexi & Kyle Keelan from The Multifamily Firm; please visit www.MultifamilyFirm.com for more information on current inventory & new offerings coming soon!
- Sale Price: $1,360,000 ($136,000 per unit)
- Successfully Navigated the Transaction to Closing During the Pinnacle of the COVID-19 Pandemic With $0 Concessions Given and 3rd Party Financing Secured
- Extensive National Marketing Campaign that Generated 216 Registered Buyers from 19 States and Multiple Offers Within 3 Weeks
- Consisted of 10 Total Units, in 2 Masonry Buildings Built in 1981, on Approximately 1.09 Acres of Land
- Classic Value-Add Offering w/ Substantial Upside & the Ability to Achieve an Average Rent Premium of $400 Per Month Per Unit
- All Units Equipped with in unit Washer/Dryer and Separately Metered for Water/Sewer & Electric with Utilities Paid by Tenants
- Each Unit Fitted with Large Screened-In Lanai’s Overlooking a Built-In Swimming Pool in the Center Courtyard
- Located less than 10 minutes from Siesta Key Beach, which was ranked #1 “Best Beach in America” by TripAdvisor