Newmark Knight Frank Multifamily announces the sale and financing of Oasis at Sarasota, a 324-unit, community located near Downtown Sarasota, University Town Center Mall and minutes from award winning beaches. The property was 92 percent occupied at the time of sale.
Vice Chairman Patrick Dufour, Director Ryan Crowley and Associate Pibu Aulakh represented the developer and seller, Picerne Real Estate Group and Equity Resources in the sale to The Praedium Group. Newmark Knight Frank Executive Managing Director Matthew Williams, Associate Director Kyle Schlitt and Assistant Vice President James Maynard arranged the permanent loan for the buyer, funded through a life insurance company relationship.
According to Dufour, “Oasis at Sarasota saw extremely strong lease-up performance, hitting 90 percent leased in less than 12 months with 25+ leases per month. The developer’s ability to deliver best-in-class product with an unrivaled amenity package in a strong location within Sarasota allowed for a successful lease-up.”
Williams said, “We canvassed the capital markets to find a lender that understood the submarket and lease up of the property and provided terms that maximized our client’s objectives. Our results produced an outcome that surpassed our client’s expectations.”
Constructed in 2019, the unique “Smart Home” property equips each unit with Samsung SmartThings Hub, Smart Door Lock, Smart Light and Smart Thermostat. Residents also enjoy 9’ ceilings, with chef inspired kitchens and contemporary finishes. The community offers top-of-the-line amenities with an expansive 10.7K SF clubhouse, pristine beach-entry saltwater pool and club quality fitness center.