Monday, October 2, 2023
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JBM Sold Two Florida Luxury Apartments for $221.7 Million

Jamie May’s multifamily brokerage team at JBM Institutional Multifamily Advisors must still be celebrating after they closed on two additional Class A+ communities – Ridgelake and The Reserve at Coconut Point – for a combined sales price of $221.7 million.

This 329-unit Property is located in Sarasota, Florida just off of Bee Ridge Road and Interstate 75. Ridgelake is an elevator serviced, three-story, Class A+ community that is extremely ESG-friendly and features a plethora of unique, luxurious finishes, including: a dedicated solar farm which powers the clubhouse and some of the residential buildings; a resort-style, zero entry, heated saltwater pool; state-of-the-art fitness center; community garden; air-conditioned interior corridors; community recycling program and valet trash; EV chargers; and attached/detached garages. In addition, the Property is NGBS Green certified, and Energy Star rated with a SEDI score of 97 out of 100.

Units feature: GE stainless steel Energy Star certified appliances; quartz countertops; 42″ shaker-style cabinets; luxury wood-like plank flooring; wine coolers; walk-in showers and large soaking tubs.

Reserve at Coconut Point
This 180-unit Property is located in Estero, Florida and within the Coconut Point Development. The Coconut Point Mall, a 1.2 million square foot retail destination, is less than one mile away. Within four miles is Target, Publix, Lee Health Coconut Point Hospital, the Estero Bay Aquatic Preserve, and Florida Gulf Coast University. This Property is a unique, podium-style construction community, with covered parking on the first floor. The concrete block, elevator serviced buildings feature: air-conditioned interior hallways; a resort-style pool with sundeck; a half-mile jogging trail; Luxer One package room with refrigerator for grocery delivery; state-of-the-art fitness center with sound proofing, large yoga studio, Echelon Reflect Mirrors and TRX Suspension Training system; and an on-site bike sharing program.

Units feature: modern, two-tone, shaker-style, soft-close cabinets; luxury wood-style plank flooring; 8′ sliding glass doors to balcony with roller shades; white quartz kitchen islands with breakfast bar; front-lit bathroom mirrors; frameless glass showers; and keyless entry.

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