The Babb Group arrange the sale of 40-unit affordable housing property near downtown Sarasota

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Beneva Oaks
Marcus & Millichap announced the sale of Beneva Oaks, a 40-unit apartment property located in Sarasota, Florida

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Beneva Oaks, a 40-unit apartment property located in Sarasota, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $3,100,000.

Luis Baez, CCIM, Miles Tombrink, Casey Babb, CCIM, and Shawn Rupp, investment specialists of The Babb Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was also secured and represented by Luis Baez, CCIM, Miles Tombrink, Casey Babb, CCIM, and Shawn Rupp.

“Due to our track record and marketing platform, we were able to overcome several hurdles to close at the full contract price,” said Miles Tombrink.

Beneva Oaks is located at 650 North Beneva Road in Sarasota, Fla. Beneva Oaks is a 40-unit, project-based, head of household disabled, section 8 community in proximity to Downtown Sarasota. The property was originally developed in 1991 under the HUD Section 202 program and has provided affordable housing for head of household disabled residents since inception. There is one, three-story, elevator serviced apartment building which is constructed of poured concrete load-bearing exterior walls with a low pitch built-up flat roof. The property sits on a 1.8-acre site featuring shady mature oak trees throughout the site. The building houses 40 residential homes, a leasing office, and a community recreation room for the residents featuring wide-screen television for entertainment and a fully equipped kitchen. Apartment homes are a mix of twenty-one-bedroom/one-bathroom units, which are 521 square feet, and twenty-two-bedroom/one-bathroom units which are either 668 or 702 square feet.

The property offers handicap accessible units in both floor plans. The units feature fully equipped kitchens, wall A/C units, semi-private entries via air-conditioned common interior corridors, durable wood-flooring (select units), hard-wired smoke detectors, and emergency call button in the bathrooms.

Beneva Oaks is located off Beneva Road, a major north-south thoroughfare, with bus service conveniently located directly in front of the property. The property is in proximity to many desired destinations including Downtown Sarasota (2.5 miles), Siesta Beach (9 miles), St Armand’s Circle (2.5 miles), and Sarasota-Bradenton International Airport (6 miles). For the convenience of the residents, there are also desirable destinations within walking distance including two major tenant anchored shopping centers featuring Publix, Bealls, fast food, and banking establishments. Within 3.5 miles of the property are medical facilities including Sarasota Memorial Hospital, an 806-bed regional medical center which is the county’s second-largest employer with 4,000 staff members and 1,000 volunteers. Located 3.5 miles from the property is Interstate-75 giving access to other parts of the county and the region including Bradenton and Tampa Bay to the north and Port Charlotte, Cape Coral, and Fort Myers to the south.