New apartment complex in downtown Sarasota sells for $444,444 per unit

The developers got $80M for the 180-unit complex, which was completed in 2017 and charges rents ranging from $1.870 to $7,311

Miami /
May.May 25, 2019 04:00 PM

The DeSota apartment complex in downtown Sarasota

The developers sold a new luxury apartment complex in downtown Sarasota for $444,444 per unit – which may be one of the highest unit prices ever paid for a multifamily property in Florida.

El Paso, Texas-based Hunt and co-developer Carter USA sold The DeSota, a 180-unit apartment complex completed in 2017, for $80 million.

“The sale price reportedly represents one of the highest price-per-unit sales ever achieved in Florida on a multifamily transaction,” Hunt executive vice president Dominick Cristiano said in a prepared statement.

Walker Dunlop Investment Sales brokered the transaction.

Monthly rents at The DeSota start at $1,870 for one-bedroom units and $2,690 for two-bedroom units and range from $5,245 to $7,311 for three-bedroom units, according to Apartments.com.

The average size of the apartments is 1,139 square feet. They feature such condominium-grade finishes as wine chillers, stainless steel appliances and quartz counter tops. Shared amenities include 24-hour concierge service, a swimming pool, an outdoor deck, a fitness center and a clubroom.

The 10-story property is at the intersection of Second Street and Central Avenue in downtown Sarasota, across the street from a Whole Foods grocery store and within walking distance of more than 20 restaurants. – Mike Seemuth


Related Articles

arrow_forward_ios
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
Asher Abehsera and Jonathon Yormak with 2400-2500 North Miami Avenue (Google Maps)
LIVWRK in contract to buy Wynwood assemblage from East End Capital
LIVWRK in contract to buy Wynwood assemblage from East End Capital
The Estate Companies Principal Jeff Ardizon and Managing Principal Robert Suris with a rendering of the project. (Estate)
Estate Companies scores $76M construction loan for North Miami Beach apartments
Estate Companies scores $76M construction loan for North Miami Beach apartments
The site and renderings of Premium Development’s nearby project. (Premium Development)
Multifamily developer buys piece of Little Havana assemblage
Multifamily developer buys piece of Little Havana assemblage
FECI's Kolleen Cobb with Countyline Corporate Park and the new sites at 4181 and 4241 West 108th Street (Google Maps)
FECI plans Countyline Corporate Park expansion with $33M construction loan
FECI plans Countyline Corporate Park expansion with $33M construction loan
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Prologis CEO Hamid Moghadam with project plans, an aerial view of Northwest 129th Avenue and 14th Street and the Dolphin Expressway in Miami-Dade County (Prologis, Getty, Google Maps)
Prologis plans to expand its Beacon Lakes business park in Miami-Dade
Prologis plans to expand its Beacon Lakes business park in Miami-Dade
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...