Friday, May 18, 2012

Tradition at Palm Aire in Sarasota, FL Commands $13.5 Million

SARASOTA, FL –Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has closed the sale of Tradition at Palm Aire (top left photo), a 178-unit multifamily property located in the northern Sarasota community of Palm Aire.

The sales price of $13.5 million represents a price of $75,843 per unit or $54 a square foot.

Jamie B. May (middle right photo), a senior IPA Florida director, represented the seller, Beachwold Residential. The buyer is Preston Giuliano Capital Partners.

“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,” says 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.”

“Florida’s recently extended Distressed Condominium Relief Act has made purchasing and owning fractured condominiums much more attractive,” adds May.

The 175,684-square foot property was built in 1991 on 28.3 acres at 8445 Gardens Way in Sarasota in the midst of the vibrant and sought-after University Parkway area.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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