JLL Capital Markets closes $9 million sale of a 180-unit multi-housing development site in Sarasota, FL

Rendering of planned180-unit apartment
development site at 3045 Broadway
 Avenue in Sarasota, FL

 

 TAMPA, FL – JLL Capital Markets has closed the $9 million sale of an off-market, shovel-ready, 180-unit apartment development site in Sarasota, Florida.

Noah Leon

JLL represented the seller, a joint venture between Defined Companies, co-founded and led by Noah Leon and Steven Guasch, and Nadeb Investment Group, led by President Eben Mensah. Arlington Properties, Inc. acquired the asset.

Steven Guasch

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Director Simon Banke and Managing Director Zach Nolan.

 Prior to the sale, Defined and Nadeb secured all entitlements, approvals and permits for the development of a five-story 180-unit apartment community.

The project will feature one- and two-bedroom floor plans, as well as an expansive amenity base that includes a double-volume resident clubhouse and leasing center, an indoor/outdoor fitness center with a dedicated yoga room, resort-style pool deck with an outdoor pavilion, an indoor/outdoor gaming area, resident coworking spaces and private offices, a dog park, a Zen courtyard with lush landscaping and a calming water feature and an intimate gazebo overlooking the pond and conservation area.

Simon Banke

Situated at 3045 Broadway Ave., the property allows residents convenient access to U.S. Route 301, University Parkway and I-75.

Additionally, the site is less than five miles from downtown Sarasota and less than three miles from Sarasota Bradenton International Airport.

“This project was very special to us as it aligned with our core values of being socially and environmentally conscious developers," according to a statement by Leon and Guasch of Defined. 

Zach Nolan

"Our team worked alongside the respective governmental agencies to identify and propose creative solutions to a multitude of unique site constraints, creating value on land once considered ‘undevelopable’ by others. 

Eben Mensah

"We were able to accomplish the preservation of wetlands and incorporation of attainable housing, while maintaining our high-quality design standards. 

"It is with great pleasure that we pass the torch to Arlington Properties, and we look forward to their success,”

 CONTACT:

Jenna Sharp

JLL Associate

 Public Relations

Phone: +1 214 394 3356

Email: Jenna.Sharp@am.jll.com

www.DefinedCos.com.

www.arlingtonproperties.net.

jll.com.