Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the $4.9 million sale of Phillipi Square, a 28-unit waterfront apartment community in Sarasota, Florida.
“After a lengthy, nearly six-month marketing process, we found our buyer, who was purchasing his first property in the Florida market,” said Jason Hague, managing director investments in Marcus & Millichap’s Tampa office. “Phillippi Square was brought to market during a challenging period and required us to go above and beyond to find the right buyer willing to meet the seller’s expectations. Ultimately, patience prevailed, and we found our buyer, who was a pleasure to work with. This was our team’s third time selling this property.”
Hague, along with Marcus & Millichap’s Ned Roberts and Sam Ferguson, represented the seller and procured the buyer.
Phillippi Square is located at 1860–1872 Phillippi Shores Drive on a 1.61-acre site. The two-building community totals 14,700 rentable square feet, with all one-bedroom, one-bath apartments averaging 525 square feet. Units have been fully renovated with stainless steel appliances, granite countertops, new cabinetry, vinyl plank flooring and modern lighting. Recent capital improvements include new TPO roofs and HVAC systems.
The property is adjacent to U.S. Highway 41, next to Phillippi Shores Park and Publix Super Market at The Landings, and within a five-minute drive of Siesta Key Beach and Crossings at Siesta Key mall.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
