SARASOTA, FL – Franklin Street has arranged the sale of Executive House Apartments, an 88-unit, value-add asset in Sarasota. The property, which has not traded hands in over 30 years, sold for $9.6 million, or approximately $109,000 per unit.
Franklin Street’s Tampa-based multifamily investment sales team of Zach Ames, Darron Kattan, Avery Jordan, and Mark Savarese arranged the transaction on the behalf of the seller. The buyer plans to implement an extensive value-add program, which includes significant interior and exterior upgrades.
“Executive House Apartments presented a rare opportunity to acquire a property that has been under the same ownership for decades and hasn’t kept up with the surrounding market,” said Ames. “It is prime for both interior and exterior renovations, which will allow the new owners to increase rents to market rates and add scale to their already established Sarasota portfolio.”