SARASOTA, Fla., July 16, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Artisan Cove, a 21-unit apartment property located in Sarasota, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $3,950,000.
Adam Podbelski, Jason Hague and Ned Roberts, CCIM, investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Adam Podbelski, Jason Hague and Ned Roberts, CCIM, investment specialists in Marcus & Millichap’s Tampa office.
“Artisan Cove provided an incredibly unique opportunity to acquire a Class “A” asset in the highly sought-after neighborhood of Laurel Park in Downtown Sarasota,” said Adam Podbelski. “Furthermore, given the value-add component that Artisan offered, we were able to generate multiple offers before closing at our contract price of approximately $188,000/unit – one of the highest price per door trades in Sarasota County for 1980’s-built product,” added Podbelski.
Artisan Cove is located at 1840 Morrill Street in Sarasota, Fla. The property is a turn-key asset with fully renovated units and common areas. Artisan Cove has an attractive mix of 100 percent two-bedroom/two-bath units with screened-in porches and patios. The community is also located in an opportunity zone allowing for the ability to forego capital gains taxes after a 10-year hold.
Are you interested in selling or buying Florida multifamily housing?
At RPH Multifamily Group we strictly specialize in Florida multifamily sales, so that you can make the most successful, informed, and stress-free multifamily investment decisions. Learn more about the RPH Multifamily Group’s Florida Multifamily Sales Advisory And Brokerage Services.