SARASOTA, FL - Franklin Street has arranged the sale of Executive House Apartments, an 88-unit, value-add asset in Sarasota. The property, which has not traded hands in over 30 years, sold for $9.6 million, or approximately $109,000 per unit.
Franklin Street’s Tampa-based multifamily investment sales team of Zach Ames, Darron Kattan, Avery Jordan, and Mark Savarese arranged the transaction on the behalf of the seller. The buyer plans to implement an extensive value-add program, which includes significant interior and exterior upgrades.
“Executive House Apartments presented a rare opportunity to acquire a property that has been under the same ownership for decades and hasn’t kept up with the surrounding market,” said Ames. “It is prime for both interior and exterior renovations, which will allow the new owners to increase rents to market rates and add scale to their already established Sarasota portfolio.”
Built in 1972, Executive House Apartments comprises nine buildings on approximately six acres. The property includes a mix of 48 one-bedroom, one-bathroom units averaging 685 square feet and 40 two- bedroom, two-bathroom units averaging 865 square feet. The community was 93% occupied at the time of sale.
On-site amenities include a fitness center, large sparkling pool, laundry facilities, a scenic lake, a clubhouse with activity center and 24-hour emergency maintenance. In units, residents enjoy oversized closets, lake views, private patios and dishwashers.
At 1000 N. Lockwood Road, the property is located minutes from downtown Sarasota and near several major employers and points of interest including The Mall at University Town Center, The Ringling Museum of Art, the University of South Florida Sarasota-Manatee and Sarasota Bradenton International Airport. It is also convenient to several award-winning beaches including Sarasota Beach, Siesta Key, Lido Key, Long Boat Key Beach and Anna Maria Island.
About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions - Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com