Sarasota Multifamily Property Trades for $13.5M
- May 31, 2012
Tradition at Palm Aire—a 178-unit multifamily property located in the northern Sarasota community of Palm Aire—has been acquired by Preston Giuliano Capital Partners for $13.5 million, or $75,843 per unit.
The property, built in 1991, stands on 28.3 acres at 8445 Gardens Way, in the midst of the vibrant University Parkway area; encompassing 175,684 square feet, Tradition at Palm Aire consists of 45 one-bedroom, 105 two-bedroom and 28 three-bedroom apartments, with an average of 987 square feet per unit.
Each unit is appointed with laminate countertops, flat-panel thermofoil cabinetry with decorative hardware and GE appliances. All apartments also have full-size washers and dryers, kitchen pantries, large walk-in closets and screened patios. Second-floor units have vaulted ceilings and bonus rooms. Site amenities include a spacious two-story clubhouse with a large clubroom, a Wi-Fi business center, a fully appointed fitness center, three swimming pools, a spa, lighted tennis courts, two lakes with walking paths, numerous dog walking areas and a car-care center.
Seller Beachwold Residential was represented by Jamie May, a senior Florida director for Institutional Property Advisors, a recently formed multifamily brokerage division of Marcus & Millichap that serves the needs of institutional and major private investors.
“Originally a 248-unit condo conversion, Tradition at Palm Aire provides the new owner with 178 units at a significant discount to historical retail sales prices and well below replacement cost,” said May. “The units are presently 95 percent leased and generate strong cash flow, providing new ownership with the flexibility of holding units as rentals until the retail sales market for condominiums recovers.” May also referenced Florida’s recently extended Distressed Condominium Relief Act as contributing to the increasing attractiveness of purchasing and owning fractured condominiums.