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
May 25, 2019 04:00PM

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