Developer buys Sarasota site for $9M, plans 180-unit apartment complex

An Alabama apartment developer has bought an 8.5-acre parcel in Sarasota approved for a five-story, 180-unit multifamily complex.

Arlington Properties, the buyer, paid $9 million for the property at 3045 Broadway Ave., just off of University Parkway near U.S. 301.

The property, according to JLL, which represented the seller and announced the deal, is shovel ready with the previous owners securing all the required approvals and permits, according to a statement. 

When complete, the complex will include one- and two-bedroom apartments as well as a “double volume resident clubhouse,” indoor/outdoor fitness center, yoga room, co-working space and Zen courtyard. 

The previous owner and developer, Fort Lauderdale-based Defined Cos., says in the announcement that it was able to work with local government agencies to come up with a plan that created “value on land once considered ‘undevelopable’ by others.”

“We were able to accomplish the preservation of wetlands and incorporation of attainable housing, while maintaining our high-quality design standards.”

Arlington Properties specializes in development, construction and property management. It currently owns four properties in Florida, including one in Tampa.