Thursday, March 23, 2023
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Florida Multifamily Property Portfolio Lists for $270 Million

JBM Institutional Multifamily Advisors exclusively listed 3 Florida multifamily properties for Passco Companies, an Irvine, California headquartered DST. The total price for the three properties equates to $270 million and is comprised of 910 units. Buyers will have the option to buy as a portfolio or individually:

Pearce at Pavilion

Located in Riverview, Florida (Tampa MSA), Pearce is a Class A+ property comprised of 250 units. It was built in 2016 and is exceptionally well-located with visibility along US-301. Notably, Pearce is located less than 7 miles from Downtown Tampa. There are six, four-story, elevator serviced residential buildings and one carriage house building on the 13.73-acre site. They offer a diverse mix of one, two and three-bedroom units averaging 994 square feet.

Longitude 81
This 260-unit, Class B+ property, is located in Estero, Florida (Fort Myers/Naples MSA). Built in 2016, the Property has eleven, two-story residential buildings and sits on 17.95 acres. The floorplans are made up of a diverse mix of studios, one, two, and three-bedroom units averaging 963 square feet. The Property is only 1.5 miles away from Florida Gulf Coast University and is adjacent to Hertz Arena. The buyer has the unique opportunity to acquire an exceptionally well-located, core-plus asset with tremendous value-add potential. Some examples of these value-add upgrades include granite countertops and stainless-steel appliances in the kitchens, LVT flooring throughout, modular closets, smart home solutions, and more.

ParkCrest Landings
Built in 2015, ParkCrest has 400 units and is located in Bradenton, Florida (Sarasota MSA). The Property has an expansive amenity package with vast options for outdoor activities such as kayaking, sand volleyball, tennis, and more. The site sits on 78.39 acres, yielding an extremely low density of only 5.10 units per acre. In total, there are seventeen, three-story residential buildings and 2 pools. Units average 1,026 square feet.

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