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| Casey Babb |
SARASOTA, FL, June 2, 2020 – Marcus
& Millichap (NYSE: MMI), a leading commercial real estate
brokerage firm specializing in investment sales, financing, research and
advisory services, announced today the sale of Beneva Oaks, a 40-unit
apartment property located in Sarasota, Fla.,
according to Chris Travis, regional manager of the firm’s Tampa office.
The asset sold for $3,100,000.
Luis Baez, CCIM, Miles Tombrink, Casey Babb, CCIM, and
Shawn Rupp, investment specialists of The
Babb Group in Marcus & Millichap’s Tampa office, had the
exclusive listing to market the property on behalf of the seller, a private
investor. The buyer, a private investor, was also secured and represented
by the four brokers.
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| Luis Baez |
“Due to our track record and marketing platform, we were
able to overcome several hurdles to close at the full contract price,” said
Miles Tombrink.
Beneva Oaks is located at 650 North Beneva Road in Sarasota, Fla. Beneva Oaks
is a 40-unit, project-based, head of household disabled, section 8 community in
proximity to Downtown Sarasota.
The property was originally developed in 1991 under the HUD
Section 202 program and has provided affordable housing for head of household
disabled residents since inception.
There is one, three-story, elevator serviced apartment
building which is constructed of poured concrete load-bearing exterior walls
with a low pitch built-up flat roof.
The property sits on a 1.8-acre site featuring shady mature
oak trees throughout the site. The building houses 40 residential homes, a
leasing office, and a community recreation room for the residents featuring
wide-screen television for entertainment and a fully equipped kitchen.
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| Miles Tombrink |
Apartment homes are a mix of twenty-one-bedroom/one-bathroom
units, which are 521 square feet, and twenty-two-bedroom/one-bathroom units
which are either 668 or 702 square feet.
The property offers handicap accessible units in both floor plans. The
units feature fully equipped kitchens, wall A/C units, semi-private entries via
air-conditioned common interior corridors, durable wood-flooring (select
units), hard-wired smoke detectors, and emergency call button in the bathrooms.
Beneva Oaks is located off Beneva Road, a major north-south thoroughfare,
with bus service conveniently located directly in front of the property.
The property is in proximity to many desired destinations
including Downtown Sarasota (2.5 miles), Siesta Beach (9 miles), St Armand's
Circle (2.5 miles), and Sarasota-Bradenton International Airport (6 miles).
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| Shawn Rupp |
For the convenience of the residents, there are also
desirable destinations within walking distance including two major tenant
anchored shopping centers featuring Publix, Bealls, fast food, and banking
establishments.
Within 3.5 miles of the property are medical facilities
including Sarasota Memorial Hospital, an 806-bed regional medical center which
is the county's second-largest employer with 4,000 staff members and 1,000
volunteers.
Located 3.5 miles
from the property is Interstate-75 giving access to other parts of the county
and the region including Bradenton and Tampa Bay to the north and Port
Charlotte, Cape Coral, and Fort Myers to the south.
CONTACT:
Chris Travis
Regional
Manager
Tampa, FL
(813)
387-4700
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