NORTH BETHESDA, MD - Arlington, Virginia-based Snell Properties and its partners have closed on the purchase of ARCOS, an elegant, art-centric apartment community covering an entire city block bounded by Central Avenue, Fourth Street and Lemon Avenue in Downtown Sarasota’s highly desirable Rosemary District. Snell was the partnership lead in pursuit and closing of the acquisition, and will lead management of the asset, on behalf of the ownership group.
The 228-unit community, located at 320 Central Avenue was built in 2019, achieving stabilization in December 2020 – a testament to Sarasota’s transformative economic growth seen in the last decade. Sarasota is one of the top submarkets for Class A apartments in the greater Tampa area offering an extremely high quality of life.
“We are excited to arrive in Florida with an incredible property like ARCOS,” said Peter Colarulli, Vice President of Snell Properties. “The property’s prime location, high-quality modern design, and best-in-class amenity package complement the tangible energy of the surrounding business community that drew us to Sarasota. We look forward to identifying complementary investment opportunities in the region.”
ARCOS offers studio, one, two and three-bedroom floorplans with keyless entry access, large walk-in closets, in-unit washer/dryers and luxury kitchens with quartz countertops, tiled backsplashes, stainless steel GE appliances including French door refrigerators with in-door ice and water dispensers. The apartment homes include large windows, recessed lighting and water, city and courtyard view options.
The apartment community features an on-site art gallery with original works displayed throughout the common areas and a permanent public sculpture by visual artist, Daniel Arsham.
Other amenities include a large resort-style heated pool with sun deck, an outdoor pavilion with fireplace and entertainment center, an outdoor kitchen and bar with grills, ice-mines and seating, an expansive courtyard with water features and tropical landscaping, an on-site spa with massage rooms and saunas and a state-of-the-art fitness center. Inside, ARCOS boasts a social lounge and sports area with billiards, poker tables, a wet bar and flatscreen TVs as well as a library with Starbucks coffee station, various seating areas and fireplace. The pet-friendly community has a fenced dog park along with a dog spa featuring a wash & dry station. Meeting the needs of those working from home, ARCOS offers a resident business center with co-working space, private conference room and offices, and isolated teleconferencing booths. Private offices are available for long-term rental. The on-site parking garage offers reserved parking spaces and bike and board storage areas.
With a walk score of 96, ARCOS provides immediate access to attractions in the trendy Rosemary District, a hub of culinary destinations and culture. Also within walking distance is a Whole Foods and several upscale hotels such as The Ritz Carlton Sarasota, The Westin Sarasota, and The Art Ovation, an Autograph Collection hotel.
Sarasota has seen tremendous population and economic growth over the past decade. Traditional demographics such as retirees have been accompanied by significant millennial migration. New development has transformed Downtown Sarasota into an attractive arts & culture destination with a high quality of life. US News & World Report ranks Sarasota as the #2 Best Place to Live in Florida and the #1 Best Place to Retire in the country.
“We are impressed with the remarkable growth and economic viability of the greater Tampa region,” said Christopher Hanessian, President of Snell Properties. “Sarasota’s enticing quality of life, with job opportunities in diverse sectors and excellent public schools, make it an ideal market for Snell to invest in.”
Brian Moulder and Chris Chadbourne of Walker & Dunlop represented the seller in the transaction. Financing for the transaction was provided by MetLife and arranged by Tim Weldon and Brian Kochan of Newmark. The Bainbridge Companies have been retained to manage the property.
Over the past nine months, Snell Properties has significantly expanded its portfolio through the strategic acquisition of four Class A assets in economically strong submarkets in North Carolina, Tennessee, Virginia, and Florida.
About Snell Properties: Headquartered in Arlington, Virginia, Snell Properties is an investor, developer, and asset manager of a portfolio of multifamily, commercial, and mixed-use properties in urban and suburban submarkets surrounding Washington, D.C. and throughout the Southeast United States. Founded in 1947 by George Snell, the company has built a legacy of creating value with its core portfolio of multifamily and commercial assets. Today Snell is managed by a seasoned team of real estate professionals with expertise in value-add renovations, development, finance, acquisitions, and asset management. With a noteworthy portfolio of assets and exciting plans to expand into new markets and ventures, Snell is a boutique firm building on its legacy in innovative ways, including the redevelopment of the Ames Center in Rosslyn. For more information, please visit snellproperties.com