Sarasota Real Estate Market News

Deals for multifamily complexes reveal a busy Sarasota area market

Florida’s once-reeling multifamily market appears to be on the mend, evidenced by the latest in a series of apartment complex purchases.

Earlier this month, a Sarasota company, FL Beneva Place, paid $14.9 million for the 193-unit Beneva Place complex near the intersection of Clark and Beneva roads. The seller was Sarasota Beneva Place Associates Ltd., a subsidiary of Chicago-based Equity Residential.

That followed Equity Residential’s earlier sale of the 336-unit Sawgrass Cove Apartments in Bradenton in June for $23.2 million. Other complexes sold recently include Cielo at Bradenton, a 299-unit property, and a 247-unit complex at 1001 Center Road in Venice.

A trio of Florida cities, Jacksonville, Orlando and Palm Beach, still rank among the 15 worst metro markets when it comes to apartment vacancy rates, all reporting vacancies well above the U.S. average of 5.9 percent for the second quarter of 2011, according to Marcus & Millichap managing director Hessam Nadji.

But besides being among the worst U.S. rental markets, these metro areas also “would qualify as some of the most rapid recovering markets in the last 12 months,” Nadji noted in his firm’s “Mid-Year Apartment Market Outlook.”

Read more HERE

July 29, 2011 - Posted by | News related to Investors, News related to the Market

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