Apartment complex in Sarasota sells for $43M

A lakeside rental community in Sarasota sold for $43.02 million recently, more than double what it sold for when it last changed hands in 2013.

Huntington Place Apartments at 3201 Huntington Place Drive was sold to Bridge Investment Group on May 10.

Sellers Atlas Real Estate Partners and Andover Real Estate Partners acquired the property for $21.75 million in 2013 and subsequently undertook a comprehensive renovation project, according to a statement released in June. Almost every unit was renovated, the clubhouse was upgraded, roofs were replaced, facades were improved, and amenities were added, including a fitness center, a dog park and an outdoor lounge area.

In the past 11 years during its hold period, Huntington Place Apartments has had a “robust occupancy,” and the 252-unit apartment complex was 95% occupied at the time of the sale, the statement says.

“Huntington Place is a case study for acquiring quality multifamily real estate in an emerging location, executing a tailored value-add strategy and holding long-term,” Alex Foster, co-founder of Atlas Real Estate Partners, says in a statement.

The 21.3-acre community features 19 two-story apartment buildings with a central clubhouse, a swimming pool, a fitness center, lighted tennis and racquetball courts, a barbecue area, a children's playground, a laundry facility and a car wash area as well as the newer amenities. The 209,456-square-foot gated development was first built in 1986.

“In the time we owned Huntington Place, we have seen Sarasota emerge as a top multifamily market in Florida,” Arvind Chary, co-founder of Atlas Real Estate Partners, says in a statement. “The combination of incredible job and population growth, along with the execution of our value-add business plan, enabled us to increase rents and value dramatically over our hold period and generate outsized returns for our investors. We look forward to replicating this model in our target markets throughout the Southeast.”

In the next few years, Atlas reportedly plans to acquire more than $1 billion of multifamily properties in the Southeast, according to the statement.