June 28, 2022
A major Chicago-based real estate investment firm bought yet another Sarasota apartment complex, paying nearly two times the amount that the previous owner paid just over a year ago. The multifamily property is a 336-unit complex called the Bainbridge Palmoré on Cattleman Road. The buyer Chicago investment firm is LaSalle Investment Management.
According to transaction records, the apartment complex sale in Sararota equals $166 million or $494K per unit after selling a little over a year ago for $88M or $262K per unit.
Bainbridge Palmoré was completed in 2019, and was developed by Bainbridge Companies. They have a reputation of developing upscale apartment complexes across the country. According to the property’s listing on Apartments.com, Bainbridge Palmoré’s units range from 751 sq ft to 1,450 sq ft. Monthly rent at the complex currently ranges from at $2,000+ to $3,300+. The complex is in an up-and-coming area of Sarasota.
LaSalle Investment Management purchased Palamoré Sarasota Apartments only a few weeks after acquiring Sage on Palmer Ranch at 12501 Honore Ave for $122.2 million.
Information on the Sarasota Apartment Complex:
430 N Cattlemen Rd Sarasota, FL 34232