Sarasota father, son investors buy Parkside East Apartments

BUYER: Four Futures LLC (principals: Richard and Niles Garden), Sarasota

SELLER: Pearl Partners LLC, Michael and Diane and Brian Kaplan

PROPERTY: 785 N. Osprey Ave., Sarasota

PRICE: $1.05 million

LAW FIRM ON DEED: David H. Rosenberg PL, Sarasota

PLANS, DESCRIPTION: A company led by Richard Garden and his son Niles Garden of Sarasota purchased the 23-unit Parkside East Apartments for $1.05 million.

The price equated to $45,652 per unit.

The apartment complex was fully leased at the time of the sale.

Built in 1975, the property requires some updating, but was generally in good condition for its age, a broker familiar with the property says. A number of the units were remodeled by a previous owner for a condominium conversion that never happened.

The Gardens are best known for operating live show companies, including Garden Family Shows Inc.

Gail Bowden of Sperry Van Ness Commercial Advisory Group handled the transaction.

“The multifamily market is stronger now than it was a year ago,” says Mike Migone of Sperry Van Ness Commercial Advisory Group. “[This property] is in the downtown core market and generally anything in this market has been doing well lately. There has been a really big push [in real estate demand] the last six to eight months. Just a year ago buyers were saying they needed a 10% [purchase price payoff ratio based on rental income] cap there.”

The Parkside East and Laurel Street Apartments reflected a high 7% to 8% capitalization ratio.