Multifamily property located near downtown Sarasota
Sarasota, Fla. (October 26, 2021) – SVN Commercial Advisory Group managed a multifamily deal worth $11.6 million for buyer Sarasota Presidential, LLC. The property at 3232 Fruitville Road in Sarasota is a two-story apartment complex with 84 units. It contains about 74,000 square feet and rests on 4.7 acres.
Mike Migone, CCIM, Senior Advisor for SVN Commercial Advisory Group, procured and represented the buyer in this off-market transaction. “Considering the shortage of affordable multifamily in Sarasota, this acquisition of the Presidential Apartments made good financial sense to the buyer,” Migone said.
Sequoia Associates, Inc. was the seller of this multifamily complex, built in 1973. Amenities include a swimming pool, laundry facilities and apartment balconies.
According to media reports, demand has been strong for multifamily properties in the Sarasota area, sending rents steadily upward during the past few years. Migone said that the Presidential Apartments have enjoyed an especially high level of success at keeping the units at capacity.
“The new owner should have no trouble with occupancy here,” he said. “This complex has consistently had an occupancy rate of 98 to 100 percent. The location has been a major draw: It’s only a couple miles from downtown Sarasota.”
Residents of these apartments can also gain easy access to I-75, which has a Fruitville Road exit and on-ramp.
SVN Commercial Advisory Group is a full-service commercial real estate brokerage that serves the greater Sarasota, Manatee, and Charlotte counties.
Contacts
Ken Zeszutko, Z Corp PR & Digital, 321-213-1818 / kenz@zcorppr.com
Mike Migone, SVN Commercial Advisory Group / 941-812-7437 / mike.migone@svn.com