September 6, 2019
The Multifamily Firm is proud to announce the sale of the Gardenia Apartments in Sarasota Florida. The Gardenia Apartments offering consisted of 12 total units, and sold for $1,520,000; which equates to a price per unit of nearly $127K/unit. The Multifamily Firm’s marketing efforts generated multiple offers for the sellers within the first 24 hours and generated 134 registered buyers within the first 2 weeks of the marketing campaign. The Gardenia Apartments is comprised of 6 buildings on 1 parcel of approximately 0.70 acres of land, with all solid masonry construction buildings built in 1979/1980.
Given the current volatility of the stock market, combined with very strong multifamily financing options, the Sarasota multifamily market has continued to increase in demand, as the market has been flooded with out of state investors searching to sustain portfolio yields. This sale, along with immense quick demand, further demonstrates the continued strength of the Sarasota Multifamily Market. Phil Ginexi & Kyle Keelan of The Multifamily Firm represented the sellers in the transaction.
About The Multifamily Firm: The Multifamily Firm is a premier investment real estate brokerage, exclusively focused on the sale of multifamily properties. Based in Sarasota and Tampa Florida, the firm is strongly positioned at the epicenter of economic growth and activity on the West Coast of Florida.