SARASOTA, Fla. (June 20, 2017) – Harvey Vengroff, a champion for affordable housing in Sarasota, has sold the Indian Beach Apartments for $2,195,000.
The 26-unit apartment complex, located at the corner of N. Tamiami Trail (US 41) and Indian Beach Drive, is comprised of a 16-unit two-story apartment building, a 3-bedroom/3-bathroom house, a one-bedroom/one-bathroom house with pool, four one-bedroom/one-bathroom cottages and two two-bedroom duplexes.
Sean Dreznin and George Kruse of Ian Black Real Estate represented the seller, doing business as West 32nd LLC. Sasha Rosen and Sueanne Levin of Key Realty represented the buyer, Malcom Stevenson.
“As we expand throughout Florida, the time was right for us to sell this property,” said Vengroff, president of One Stop Housing, which provides affordable housing in Sarasota and Manatee counties. “This is a great property with upside potential and we expect the complex to continue to be an important part of the community.”
Indian Beach Apartments is located directly across from the Ringling College of Art and Design and just minutes from New College, Downtown Sarasota, Sarasota International Airport, and many restaurants and shops. The property has had a strong rental history, with occupancy of 100 percent and a consistent waiting list.
“The multifamily market is extremely dynamic in Sarasota right now, and as a result we saw a good amount of activity with this property,” said Dreznin, sales associate at Ian Black Real Estate. “We expect this trend to continue as multifamily properties continue to be a desired asset.”
About Ian Black Real Estate
Ian Black Real Estate (IBRE) is a boutique commercial real estate brokerage firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.