ERES Capital LLC, a private equity division of ERES Cos., has unveiled plans for a new condominium development in downtown Sarasota, Fla. The purchase of the site was closed, and project plans are moving forward.
The five-story development will comprise more than 25 high-end condo units with unit sizes and prices yet to be determined.
Located at 1351 Fruitville Road, the development will be around 1 mile from downtown and Bayfront Park and Marie Selby Botanical Gardens, offering future tenants easy access to major green areas in the city. The intersection of Main Street with South Pineapple Avenue is less than half a mile from the property, offering access to dining and entertainment options.
Strong market fundamentals and an attractive location, providing walkable access to three main areas of the city, made this project an ideal investment opportunity, according to prepared remarks from ERES Cos. President & Co-Founder Tom Bradley.
The Southwest Florida Coast registered robust rent performance in January, with overall rents increasing by 33.6 percent on a year-over-year basis, while rents for Lifestyle communities clocked in at 35.3 percent, the latest Yardi Matrix report shows.
Last month, ERES Capital, in partnership with Charter Realty & Development Corp. and CREC Capital, announced plans for a 170-unit workforce housing development in Belgrade, Mont.