Newly built 279-unit Sarasota County apartment complex sold

A little more than a year after opening an apartment community in North Port’s Wellen Park, the national developer that built the complex has sold it. Tropia Wellen Park was sold by Davis Development, which is based in Georgia.

The buyer was Harbor Group International, according to JBM Institutional Multifamily Advisors, which brokered the sale and declined to disclose the purchase price. Sarasota County property records have not been updated to reflect the recent sale as of Aug. 8.

Davis Development purchased the land on Sunglow Boulevard for $4.18 million in 2021. The property, including its buildings, was appraised for $59.25 million this year, according to the Sarasota County Property Appraiser. 

Situated on 13.6 acres, Tropia Wellen Park features amenities like a two-story fitness center, pet spa, resort-style pool and covered outside pavilion with TVs. Built in 2023, the community has a clubhouse with more than 15,000 feet that contains a golf simulator, movie theater, billiards, private offices and rentable guest suites, among other offerings.

In total, Tropia Wellen Park contains 279 units. Apartments range from one to three bedrooms, averaging 1,070 square feet, according to a statement. The price for a one-bedroom with 1,005 square feet was $2,434 a month when the property opened, the Business Observer reported in March 2023. Rent for the same size apartment is now $2,230, according to the Tropia website, which says the property is currently overseen by Harbor Group Management of Norfolk, Virginia.

Tropia is located within the master-planned community of Wellen Park, near Venice. Currently Wellen Park has approximately 10,000 residents, and at full buildout will have more than 50,000 residents and 22,500 homes.

While it sold Tropia Wellen Park, Davidson Development still owns several complexes in the area, including Olana Waterside Apartments in Lakewood Ranch and Brea Lakewood Ranch Apartments. It is also developing Forayna Watercolor Place Apartments in Bradenton.

This is the second transaction for Davidson Development and JBM Institutional Multifamily Advisors in the last two years. JBM also listed The Pearl Founders Square in Naples for the development company in 2022.

This article has been updated to reflect information from JBM Institutional Multifamily Advisors.