6.5% tax adjusted cap rate key to closing
SARASOTA, Florida —
Franklin Street announced it has successfully brokered the sale of the Glenbrooke Apartments in Sarasota, Florida. Franklin Street represented the buyer—Trinity Property Group—and the seller—RGMD LLC—in the sale. The 40-unit property, built in 1994, is a unique generational asset that is changing ownership for the first time in 12 years.
“Cap rates have remained relatively steady throughout the year,” Mark Savarese, director multifamily investment sales, Franklin Street, said. “While the market is still somewhat dislocated, signs of stability are emerging. If interest rates continue to trend downward, we anticipate some cap rate compression, which would position the market for a strong transactional year heading into 2026.”
Glenbrooke Apartments had a 90%+ occupancy rate at the time of closing. The new owner plans interior renovations for about half the property while upgrading the amenities and curb appeal. Existing amenities include a swimming pool, pavered sundeck, clubhouse, and a gazebo. It is located near downtown Sarasota, Siesta Key, and Bradenton Beach.
Assisting Savarese were Cary Brown, senior associate, and Eve Lowry, associate.
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About Franklin Street
Franklin Street is a fully integrated, national commercial real estate services firm headquartered in Tampa, Florida. We combine thoughtful planning with decisive action to deliver winning results to clients nationwide. Franklin Street’s seven lines of business include Capital Advisory, Insurance, Investment Sales, Property Management, Project Management and Tenant and Landlord Representation. Founded in 2006, Franklin Street has a network of industry-leading brokers and capital partners across the country to ensure exceptional client service. Learn more about Franklin Street.
