Passco Buys FL Asset for $78M
The company acquired Springs at Bee Ridge in Sarasota, Fla. from Continental Property, and plans to rebrand the community as Longitude 82°.
Passco Cos. has added Springs at Bee Ridge to its portfolio, a 360-unit, Class A community in Sarasota, Fla. Continental Property traded the asset for $77.5 million. JBM Institutional Advisors represented both the seller and the buyer in the transaction. KeyBank Real Estate Capital’s Commercial Mortgage Group arranged the financing of the acquisition. Passco plans to rebrand the property as Longitude 82°.
Located at 5900 Wilkinson Road, the property is alongside Interstate 75, which provides access to the Tampa area, as well as to Southwest Florida. The community is within close proximity to several schools, dining and shopping options, including The Mall at University Town Center, which is situated roughly 15 minutes away.
Completed in 2017, the property offers a mix of studios, one-, two- and three-bedroom units, averaging 962 square feet. Features include private ground floor entry, stainless steel appliances, granite countertops and nine-foot ceilings.
Communal area amenities include:
- salt water swimming pool
- sun deck
- poolside kitchen with grills and fire pit
- 24-hour fitness center
- conference room
- coffee bar and catering kitchen
- leash-free dog parks
- pet grooming station
- car wash area
“Passco recognized that the demand for high-quality multifamily housing will continue to grow as Sarasota shows strong demographics, including annual average household incomes over $100,000 on-site at the property,” said Colin Gillis, vice president of Acquisitions at Passco, in prepared remarks. “The Bradenton-Sarasota-North Port MSA has also added more than 25,000 jobs over the past two years and boasts one of the lowest unemployment rates in the entire state of Florida.”
Image courtesy of Passco Cos.