JBM Institutional Multifamily Advisors has brokered the sale of another Class A+ Southwest Florida multifamily property called Longitude 82 for Passco Companies, headquartered in Irvine, California. The total purchase price was $115,000,000 or $319,444
The property sits on a 32.55 +/- acre site and is comprised of 360 units averaging 971 square feet. This equates to a desirable low-density site of just over 11 units per acre.
Amenities include a resort-style, saltwater pool; 24-hour state-of-the-art fitness center with Precor equipment; dog park; package lockers; valet trash; shaded children’s playground; car care center; and garages available for rent.
Apartment amenities feature modern, open concept floorplans; chef-inspired kitchens with granite countertops, GE stainless steel appliances, flat-panel espresso cabinets, built-in wine racks, and kitchen islands with breakfast bar; luxury, faux wood plank flooring in living areas; in-suite washer and dryer; walk-in closets; and all units feature private, ground floor entryways.
This marks the 2nd time JBM has sold the 2017-built Sarasota property.
“I want to congratulate both the buyer and seller on a smooth, successful transaction,” JBM Chairman & CEO Jamie May said. “Getting deals closed in the current environment can be trying for some, but it was a pleasure to broker this deal on behalf of two superb groups on each side.”
Sarasota ranks as one of the most desirable MSA’s in the country, coming in at #1 for Best Relocation Destination, Best Beach in the U.S.A. (Siesta Key), and Best Place to Retire. Longitude 82 features exceptional visibility along Interstate 75. The property is located in an A-rated school district which helps to attract a high income, family-oriented tenant base. In addition, the property is less than one mile from the nearest Publix and from the HCA Florida Sarasota Doctors Hospital, and just 15 minutes away is region’s predominate power center – University Town Center. Average Net Worth within a 3-mile radius is notably $1.5 million.
