SARASOTA, FL, April 19, 2021 – 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 Promenade Apartments, a 29-unit apartment property located in Sarasota, FL, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $3,900,000.
Adam Podbelski, Ned Roberts, Jason Hague and Sam Ferguson, investment specialists 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 secured and represented by Adam Podbelski, Ned Roberts, Jason Hague and Sam Ferguson
“The Promenade transaction provides a great example of the national platform and massive exposure that we provide. After launching our marketing campaign, we were able to source multiple offers before moving forward with a NYC-based group that saw the upside potential and subsequently was able to close within 95% of our target price at a sub-5% takeover cap rate,” said Podbelski.
Promenade Apartments is located at 1045 Cocoanut Ave in Sarasota, FL and was built in 1975 of masonry construction. It is located in an IRS-designated Opportunity Zone within the class “A” Downtown Sarasota submarket. The property has excellent walkability – steps from a Publix, Gulf of Mexico and the Main Street dining and retail corridor.
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