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The Multifamily Firm Brokers Sale of Apartment Complex in Sarasota

The Multifamily Firm Brokers Sale of Apartment Complex in Sarasota

July 14, 2020


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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 Highlights:

  • 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

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