Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of The Lexington Apartment Homes, a 267-unit apartment community located at 3510 Cheshire Square in Sarasota, Florida.
Cushman & Wakefield’s Nick Meoli and Mike Donaldson represented the seller, Laguna Pointe Properties, in the transaction. The apartment community was acquired by Goldelm.
“The Sarasota-Central submarket witnessed exceptional organic rent growth averaging 20.7 percent over the last 12 months as result of the influx in population attracting residents seeking to live minutes from some of the nation’s top beaches on the west coast of Florida,” said Meoli, Vice Chairman at Cushman & Wakefield. “Given the limited new supply coming to the submarket due to escalating construction costs and land constraints, value-add opportunities like The Lexington will continue to see significant demand from investors throughout the country.”
The Lexington Apartment Homes was built between 1975 and 1982 and was 98 percent leased at the time of sale. Amenities include two swimming pools, a clubhouse, fitness center, dog park, tennis court, and an on-site laundry facility.
“The Lexington boasts some of the largest floorplans in the area, giving the property a distinct competitive advantage that was reflected in current lease trade outs averaging 38.5 percent,” added Donaldson, Vice Chairman at Cushman & Wakefield. “The buyer intends to build off the partial renovations completed by previous ownership to further enhance the property, making it more competitive with newer alternative assets in the immediate area.”