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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

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 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