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| Springs at Bee Ridge Apartments, Sarasota, FL to be renamed Longtitude 82o |
SARASOTA, FL – Passco
Companies, a
privately-held California-based real estate company that specializes in the
investment, acquisition, development and management of commercial properties
throughout the U.S., has announced that it has acquired a Class A,
institutional grade, trophy multifamily asset in Sarasota, Florida for $77.5
million.
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| Springs at Bee Ridge Apartments, Sarasota, FL |
Passco will rebrand
the luxury community, currently named Springs at Bee Ridge, as Longitude
82o. This acquisition brings the firm’s multifamily portfolio in the
state of Florida to nine properties totaling more than 2,700 units.
“We were attracted to
Sarasota due to its incredibly strong economic growth and growing demand for
quality multifamily housing in the region,” says Colin Gillis, Vice
President of Acquisitions, Southeast at Passco. “The pent-up demand for luxury
product in this submarket was demonstrated by the rapid lease-up at the
360-unit apartment community, which was fully-leased within one year.”
Gillis notes that this
high occupancy and the fact that there are virtually no comparable properties
in the area, with most nearby communities having been constructed in the early
1990s, positions the property for strong future rent growth.
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| Colin Gillis |
“Passco recognized
that the demand for high-quality multifamily housing will continue to grow as
Sarasota shows strong demographics, including annual average household incomes
over $100,000 onsite at the property,” Gillis says.
“The
Bradenton-Sarasota-North Port MSA has also added over 25,000 jobs over the past
two years and boasts one of the lowest unemployment rates in the entire state
of Florida.”
According to Gillis,
further driving the appeal of the location is Sarasota’s exceptional school
system. The property is in close proximity to Ashton Elementary School and
Sarasota Middle School.
The
community is also conveniently located within ten minutes of several
first-class retail destinations, including The Mall at University Town Center.
“In addition to being
one of the only new communities in the area, this property offers some of the
most competitive amenities in Sarasota,” Gillis explains. “Further, this is the
second asset we have purchased from the developer, Continental Properties, the
other being Longitude 81o in Estero (Ft. Myers), FL so we were
familiar with the product type and its strengths.”
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| Jamie May |
Community amenities
include a resort-style salt water swimming pool with an expansive sun deck and
poolside kitchen with grills and a fire pit, 24-hour state-of-the art fitness
center, a resident clubhouse and lounge, a conference room, coffee bar and
catering kitchen, two leash-free dog parks, pet grooming station, car wash
area, and controlled-access gated entry.
The property features
a diverse unit mix, which includes studios and one-, two- and three-bedroom
units. Each unit has private ground floor entry, stainless steel appliances,
granite countertops, and nine-foot ceilings.
The property is
located at 5900 Wilkinson Road in Sarasota, Florida with direct access
to Interstate Highway 75, providing convenient access throughout the region and
to the Tampa area and Southwest Florida.
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| Chris Black |
Jamie May
of JBM® Institutional Multifamily Advisors represented the
seller and Passco as the buyer in this transaction. Since August 2016,
Passco has worked with JBM to purchase four multifamily properties totaling
over 1,250 units with an approximate value of over $250 million, according to
May.
“Working with both
Gary and Colin at Passco has been a very positive experience on each and every
occasion. Their aggressiveness and vigorous approach is much appreciated and
timely,” says May. “Most importantly, they have never re-traded a deal during
or prior to closing. We expect to be working with Passco both on the buy
and sell side many times in the future.”
Chris Black
and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage
Group arranged acquisition financing on behalf of Passco Companies.
For more
information, please contact:
Lexi Astfalk
Brower Group
(949) 955-7940
