The Real Deal Miami

California firm buys newly built rental complex in Sarasota for $77.5M

Irvine, California-based Passco Companies paid $216,000 per unit for the 360-unit property, which will be re-branded as Longitude 82°
June 03, 2018 02:00PM

Longitude 82°, formerly known as the Springs at Bee Ridge apartments (Credit: Realtor.com)

A California-based investment firm bought a newly built rental apartment complex in Sarasota for $77.5 million.

Irvine, California-based Passco Companies paid about $216,000 per unit for the 360-unit property, called Springs at Bee Ridge.

Passco plans to re-brand the rental complex at 5900 Wilkerson Road in Sarasota as Longitude 82°.

Built in 2017, the property has studios, one-, two- and three-bedroom apartments. Their average size is 962 square feet.

The apartments have private ground-floor entries, nine-foot ceilings, stainless steel appliances and granite countertops.

Common-area amenities include a salt water swimming pool, sun deck and poolside kitchen with grills and a fire pit.

The property also features a clubhouse, lounge, coffee bar and catering kitchen, conference room, and 24-hour gym, plus a pet-grooming station and leash-free dog parks.

JBM Institutional Advisors advised both Passco and the seller in the $77.5 million transaction.

The commercial mortgage group at KeyBank Real Estate Capital arranged acquisition financing for Passco.

According to its website, Passco owns more than $4 billion of rental housing and commercial real estate. [Multi-Housing News]– Mike Seemuth