Hunt Companies and Carter USA Sell 180-Unit Apartment Community in Sarasota for $80 Million

SARASOTA, FL - Hunt Companies (Hunt) along with its co-developer, Carter USA, has sold a luxury residential development in Sarasota, Florida.  The DeSota, a class AA, 180-unit complex which includes a resort-style swimming pool, clubroom, outdoor deck, gym quality fitness center and 24-hour concierge was completed in 2017. 

The 10-story concrete development includes one, two, and three bedroom apartments with 15,000 square feet of ground floor retail. Interior features include condominium-grade finishes including quartz countertops, stainless steel appliances and wine chillers. The well-appointed units averaged 1,139 square feet.

Hunt Executive Vice President, Dominick Cristiano, who managed the development, lease up and disposition of the property, said, "We are very pleased with the outcome of a well-conceived and executed business plan. A lot of the credit goes to our partner [Carter] and the Pinnacle team for their successful leasing effort over the last several years. The sales price reportedly represents one of the highest price per unit sales ever achieved in Florida on a multifamily transaction."

Located at the corner of 2nd Street and Central Avenue in the heart of downtown, The DeSota is directly across the street from Whole Foods. It is uniquely positioned within walking distance of the cultural arts district, central business district, more than 20 restaurants, numerous retail shops and the Sarasota Marina.

Walker Dunlop Investment Sales brokered the transaction.