Passco Companies LLC, a sponsor of 1031 Delaware statutory trusts and other alternative investments, has acquired a Class A multifamily property in Sarasota, Florida for $77.5 million.
Passco will rebrand the luxury community, currently named Springs at Bee Ridge, as Longitude 82o. This acquisition brings the firm’s multifamily portfolio in the state of Florida to nine properties totaling more than 2,700 units.
“We were attracted to Sarasota due to its incredibly strong economic growth and growing demand for quality multifamily housing in the region,” says Colin Gillis, vice president of acquisitions, Southeast at Passco. “The pent-up demand for luxury product in this submarket was demonstrated by the rapid lease-up at the 360-unit apartment community, which was fully-leased within one year.”
Gillis notes that this high occupancy and the fact that there are virtually no comparable properties in the area, with most nearby communities having been constructed in the early 1990s, positions the property for strong future rent growth.
“Passco recognized that the demand for high-quality multifamily housing will continue to grow as Sarasota shows strong demographics, including annual average household incomes over $100,000 onsite at the property,” Gillis added. “The Bradenton-Sarasota-North Port MSA has also added over 25,000 jobs over the past two years and boasts one of the lowest unemployment rates in the entire state of Florida.”
Community amenities include a saltwater swimming pool with a sun deck and poolside kitchen with grills and a fire pit, 24-hour fitness center, a resident clubhouse and lounge, a conference room, coffee bar and catering kitchen, two leash-free dog parks, pet grooming station, car wash area, and controlled-access gated entry.
The property includes studios and one-, two- and three-bedroom units. Each unit has private ground floor entry, stainless steel appliances, granite countertops, and nine-foot ceilings.
Passco Companies LLC acquires, develops, and manages multifamily and commercial properties throughout the U.S. The company offers a full set of real estate services including asset and property management, leasing, as well as property development and construction. Headquartered in Irvine, California, Passco currently has $2.5 billion assets under management.