Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Phillippi Shores Village, a 28-unit apartment property located in Sarasota, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $3,465,000.
Adam Podbelski, Jason Hague and Ned Roberts, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Adam Podbelski, Jason Hague and Ned Roberts, CCIM.
“Phillippi Shores offered a very strong takeover yield for a stabilized asset located an area that has been in very high demand,” said Podbelski. “This allowed us to create substantial interest and ultimately close on an all-cash basis within 23 calendar days of the effective date,” added Podbelski.
Phillippi Shores Village is located at 1872 Phillippi Shores Drive in Sarasota, Fla. All units at Phillippi Shores Village feature high-end condo-grade finishes that include new granite countertops with undermount sinks, new cabinetry, new stainless-steel appliances, new wood-look vinyl-plank flooring and new fixtures.
“We sold this asset to the current seller in 2018 after negotiating an assignment of contract from another prospective buyer,” said Roberts. “We are very pleased they were able to exceed our projection of added value achievable through a full-scale renovation of the asset,” he added.”
Phillippi Shores Village is located five minutes to Siesta Key Beach and the Westfield Siesta Key Mall. The property is also 10 minutes to Downtown Sarasota.