Broad Creek JV Picks Up Sarasota Apartments for $67M
It's the first purchase in the firm's multifamily advantage fund.
Broad Creek Capital and co-sponsor Hillridge Capital have acquired The Crossing at Palm Aire, a 315-unit Class A multifamily property in Sarasota, Fla. The partners bought the asset from Eastwind Development for $67 million, according to the Tampa Bay Business Journal.
The deal was made through Broad Creek’s Multifamily Advantage Fund I. Abod Capital Solutions invested as a co-limited partner in the joint venture. The partners plan to enhance the property’s performance through operational improvements, targeted capital investments and resident-focused initiatives. Hillridge will lead property-level asset management.
Eastwind completed the community at 4665 Whitfield Ave. in 2023. The property has seven three-story and four-story buildings with a mix of one-, two- and three-bedroom floorplans ranging in size from 700 to 1,330 square feet.
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Apartment features include quartz countertops in the kitchens and bathrooms, stainless steel appliances, in-unit washers and dryers, walk-in closets and patios or balconies.
Community amenities include a pool, a fitness center, a yoga and cycling room, a movie theater, a poolside pavilion with grilling stations, a walking trail with a boardwalk, three private offices and coworking space, a pet spa and two dog parks.
Deal follows fund’s second closing
The deal follows the second closing of Broad Creek’s MAF I, led by European family offices. The acquisition brings the fund to nearly 30 percent deployed toward its $150 million target. The fund’s investor base includes family offices and institutional investors in the U.S. and Europe.
MAF I targets value-add multifamily investments across the Sun Belt, with a focus on the Southeast. The vehicle focuses on high-growth markets that have absorbed recent deliveries, continue to grow and face limited new construction. Broad Creek expects an additional fund close later this year or in early 2027, as it continues deploying capital across the Sun Belt.
The Crossing at Palm Aire is the fund’s second investment. The first was the off-market acquisition of The Carson, a 298-unit community in Charlotte, N.C., in October 2025. Previously known as Loft One35, Broad Creek and Hillridge purchased the property at 135 W. Morehead St. in Uptown Charlotte for $94 million.
Sarasota continues to benefit from population and employment growth. Integra Realty Resources, in its annual Viewpoint Multifamily Report for Sarasota noted that long-term fundamentals such as population growth and in-migration remain strong despite an 11 percent development surge that saw nearly 3,800 units in 2025, the highest annual volume in a decade.
The inventory increase had led to increased concessions and rent reductions, but IRR reports developers have reduced speculative starts this year. These should help stabilize the market and potentially lead to a rent recovery in 2027.
