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