Sarasota, Fla. (January 30, 2019) – SVN Commercial Advisory Group started 2019 off strong with the $7.68 million sale of a 14-acre University Parkway property in Sarasota. The buyer, LIV Development, plans to build a 240-unit Class A apartment community on the property. The seller was University Groves Development.
As part of its strategic marketing efforts, SVN Commercial Advisory Group received significant interest. They also received multiple offers on the property, proving that the demand for multifamily assets, apartments, remains strong.
Centrally located between Sarasota and Bradenton, the new, planned community will be ideal for commuters to either city. Coupled with the continued high demand for multifamily opportunities in this market, the sale achieves a highest and best use for this ideally located property.
“Originally marketed and approved for general commercial, the buyer recognized the significant opportunity for a multifamily community. We were able to make it happen for them,” said Mike Migone, Senior Investment Advisor, SVN Commercial Advisory Group. “There is also a 101-unit extended stay hotel planned on adjacent property. Together, these two developments will complete the balance of the Town Center of University Groves development, serving this growing community.”
In addition to traditional commercial brokerage, these advisors provide the entire spectrum of acquisition, market positioning and disposition services for these specialized offerings. Founded in the spirit of collaboration, the teams are able to provide a single point of contact relationship for clients interested in any multifamily or land asset in Florida.
“Thanks to our knowledge of the market and multifamily properties, our team was able to research and provide the supporting data that showed the benefit of changing the use of the property from commercial to multifamily,” said Migone. “It was a win for everyone involved in the sale.”
About SVN
SVN Commercial Advisory Group is a full-service commercial real estate brokerage firm. We provide commercial real estate services to large corporations, middle market businesses and individual entrepreneurial investors. Serving the greater Tampa Bay area, we offer advisory services for the sales, leasing, and management of commercial properties locally, regionally and nationally. Our Advisors provide creative solutions in order to help you achieve your goal.
Our specialized teams can provide competent guidance to you, your clients or your investors. We have brokered, consulted, managed and provided a wide variety of real estate services across the country.
Contacts
Mike Migone, CCIM, Senior Investment Advisor, SVN Commercial Advisory Group / 941-812-7437 / Mike.Migone@svn.com
Ken Zeszutko, Z Corp PR, 321-213-1818 / kenz@zcorppr.com