Broker: $2.3M Sarasota complex sale shows 'market stabilization'

Two apartment buildings sold in early August in Sarasota County in a relatively small financial deal that an agent involved in the deal sees as a sign of market stabilization.

The Cayman and Bimini Apartments sold for $2.3 million on Aug. 2, according to Sean Dreznin, agent and partner of Dreznin Pappas Commercial Real Estate, which brokered the sale.

Each building contains eight apartments for a total of 16 units. They are at 2738 and 2739 Grand Cayman St. at the intersection with Swift Road.

The seller — Cayman North LLC & Cayman South LLC — had owned the multifamily properties since 2001, according to a statement from Dreznin Pappas Commercial Real Estate.

The buyer, Cayman Property Group Inc., is an investor planning to update and enhance the newest additions to its portfolio, the statement says.

“These properties offered the buyer a unique asset which required minimal capital improvements moving forward while allowing for immediate cash flow and long-term upside,” Dreznin says in a statement.

Dreznin views the sale as positive sign amid a market that has led to “revised expectations” from buyers and investors due to market headwinds including interest rates, inflation, insurance costs and rents pulling back from highs, he says in an email. He notes the per unit price is about $143,750.

“With this latest sale, we expect the Class B and C multifamily sector to continue to stabilize,” Dreznin says in the statement. “Acquisitions and entry into the Sarasota investment market should continue for the final quarters of 2024 and into 2025.”