The RPH Multifamily Group of Marcus & Millichap sells a 29-unit apartment community in Sarasota for $4 million

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Promenade Apartments
Marcus & Millichap announced the sale of Promenade Apartments, a 29-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 Promenade Apartments, a 29-unit apartment property located in Sarasota, Fla., according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $3,900,000.

Adam Podbelski, Ned Roberts, Jason Hague and Sam Ferguson, 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 secured and represented by Adam Podbelski, Ned Roberts, Jason Hague and Sam Ferguson

“The Promenade transaction provides a great example of the national platform and massive exposure that we provide.  After launching our marketing campaign, we were able to source multiple offers before moving forward with a NYC-based group that saw the upside potential and subsequently was able to close within 95 percent of our target price at a sub-5 percent takeover cap rate,” said Podbelski.

Promenade Apartments is located at 1045 Cocoanut Ave in Sarasota, Fla. and was built in 1975 of masonry construction. It is located in an IRS-designated Opportunity Zone within the class “A” Downtown Sarasota submarket. The property has excellent walkability – steps from a Publix, Gulf of Mexico and the Main Street dining and retail corridor.