SARASOTA, Fla., July 16, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Artisan Cove, a 21-unit apartment property located in Sarasota, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $3,950,000.
Adam Podbelski, Jason Hague and Ned Roberts, CCIM, investment specialist 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 also secured and represented by Adam Podbelski, Jason Hague and Ned Roberts, CCIM, investment specialists in Marcus & Millichap’s Tampa office.
“Artisan Cove provided an incredibly unique opportunity to acquire a Class “A” asset in the highly sought-after neighborhood of Laurel Park in Downtown Sarasota,” said Adam Podbelski. “Furthermore, given the value-add component that Artisan offered, we were able to generate multiple offers before closing at our contract price of approximately $188,000/unit – one of the highest price per door trades in Sarasota County for 1980’s-built product,” added Podbelski.
Artisan Cove is located at 1840 Morrill Street in Sarasota, Fla. The property is a turn-key asset with fully renovated units and common areas. Artisan Cove has an attractive mix of 100 percent two-bedroom/two-bath units with screened-in porches and patios. The community is also located in an opportunity zone allowing for the ability to forego capital gains taxes after a 10-year hold.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.