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 per unit. This marks the 2nd time JBM® has sold the 2017-built Sarasota property.
JBM® Chairman & CEO, Jamie May, comments, “I want to congratulate both the buyer and seller on a smooth, successful transaction. 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.”
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.
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. 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.
JBM® is the #1 ranked boutique brokerage firm in the U.S.A. and has dominated the Southwest Florida market for the last 20+ years with a greater than 70% market share. Despite only transacting in Florida, Green Street and Real Estate Alert rank JBM® #1 for Highest Average Sold Price achieved in the U.S.A. and the #12 multifamily broker by total sales volume. JBM® has a lifetime sales volume over $18.7 billion and sold over 166,000 units.