The Multifamily Firm has completed the $2.85 million sale of Legacy Trail Apartments, a 16-unit multifamily community located in Nokomis, within Sarasota County and just north of Venice, Florida. The closing equated to approximately $178,125 per unit and marks the second time The Multifamily Firm has brokered the sale of the property in just over five years.

 

The property consists of 16 apartment units across eight buildings situated on approximately 1.65 acres. Legacy Trail Apartments was 100% occupied at closing and features a favorable unit mix, concrete block construction, washer and dryer hookups in every unit, and metal roofing on six of the eight buildings.

 

The community benefited from an extensive capital improvement and repositioning program completed during the seller’s ownership. Improvements included interior renovations to 15 of the 16 units, along with the addition of several community amenities, including a BBQ and picnic area, dedicated pet play area with waste stations, and convenient tenant storage units.

Located just steps from the Legacy Trail, the property offers convenient access to Downtown Venice, Nokomis Beach, Venice Beach and Casey Key.

 

For the buyer, the acquisition represented the opportunity to step into a substantially improved multifamily asset with significant capital improvements already completed, while retaining the ability to build on the renovation and operating platform established by the seller. The combination of occupancy, location, physical improvements and existing financing made Legacy Trail Apartments a compelling long-term acquisition.

 

 

 

 

The company previously brokered the seller’s $1.5 million acquisition of Legacy Trail Apartments in January 2021 and was again selected to handle the property’s disposition just over five years later, resulting in a $2.85 million exit following the seller’s substantial renovation and repositioning of the asset.

 

The increase in value reflects both the seller’s significant investment into the property and the successful repositioning of the community during the ownership period. At the same time, the transaction positioned the new ownership to continue building on a substantially upgraded property rather than beginning with a major deferred-maintenance or renovation program.

 

“Being involved with a property from the seller’s original acquisition through the eventual disposition gives us a unique perspective on the full ownership cycle,” said Phil Ginexi. “In this case, we were able to help facilitate the original acquisition, watch the seller execute a significant renovation and repositioning strategy, and ultimately bring the property back to market and complete the sale at a substantially higher value. Just as importantly, the buyer is acquiring a well-positioned asset with a strong foundation for the next phase of ownership.”

 

 

 

 

The transaction included the assumption of existing Fannie Mae financing, which added a significant level of complexity to the closing process.

 

Rather than simply matching a buyer and seller, The Multifamily Firm remained actively involved throughout the transaction, coordinating among the buyer, seller, lender, attorneys, title company, insurance professionals and property management team as numerous financing and closing requirements were addressed.

 

Among the issues successfully navigated were lender-required ownership restructuring, performance-reserve requirements, insurance underwriting and multiple changes to closing conditions.

 

A particularly significant challenge arose shortly before the anticipated closing when an additional flood insurance requirement was identified by the lender. The Multifamily Firm worked closely with the parties, Arbor and insurance professionals to evaluate coverage alternatives, secure compliant property, liability and flood insurance, and preserve the economics of the transaction.

 

Ultimately, the deal closed despite several material lender and insurance-related issues that could otherwise have resulted in the transaction terminating or required the buyer to pursue entirely new financing.

 

While the specific terms of the assumed financing remain confidential, the transaction demonstrates the potential value of identifying and successfully navigating existing assumable debt in today’s multifamily investment market. Additional information regarding loan assumptions and similar financing structures is available directly through The Multifamily Firm.

 

 

 

The Legacy Trail Apartments closing highlights the role an experienced multifamily broker can play well beyond the initial marketing and buyer-procurement process.

 

Complex transactions often require continued involvement through financing, due diligence, insurance, legal documentation and closing. In this case, maintaining communication among all parties and finding workable solutions to several significant late-stage issues proved essential to getting the transaction across the finish line.

 

For The Multifamily Firm, the sale also represents another successful chapter in a property relationship that began more than five years earlier with the seller’s original acquisition, while helping transition the asset to a new ownership group positioned to continue building on the improvements already made.