Passco Sells Tampa-Area Community for $115M
The 360-unit Class A asset in Sarasota, Fla., was built in 2017.
Passco Cos. has sold off another one of its Florida communities. The company sold Longitude 82 Apartments, a 360-unit community in Sarasota, Fla., for $115 million to an undisclosed buyer. JBM Institutional Multifamily Advisors brokered the sale of the community for the second time since it was built in 2017.
The Class A community is comprised of studio, one-, two- and three-bed units averaging 971 square feet. The units were built with granite countertops, faux wood flooring, kitchen islands, nine-foot ceilings, washer/dryer units and walk-in closets. The community’s amenities include a saltwater pool, fitness center, resident clubhouse, social lounge, coffee bar, catering kitchen, poolside kitchen, pet spa, car care center, outdoor fire pit and two dog parks.
Located on a more than 32-acre site at 5900 Wilkinson Road, Longitude 82 is less than a mile from a Publix supermarket and the HCA Florida Sarasota Doctors Hospital. Residents also have nearby access to Interstate 75, which connects them to major nearby cities like Tampa, St. Petersburg and Fort Myers.
Strong Market Growth for Sarasota
The Sarasota submarket has been seeing explosive growth, according to CBRE’s third quarter report for Florida’s multifamily market in 2022. There are currently 5,026 units under construction, while 6,2000 units were delivered in the last three years in the Sarasota submarket.
The steady development of units, however, has done little to suppress rents. The adjacent markets of North Port, Bradenton and Sarasota saw 16.2 percent annual rent growth, with average rents rising to $1,949. According to the report, these Southwestern Florida markets also saw the average occupancy rate grow to 94.8 percent.
Based out of Irvine, Calif., Passco Cos. has taken advantage of Florida’s rapid growth. The company purchased the recently-completed 300-unit Sea Sound Apartments in Panama City Beach, Fla. On Florida’s eastern coast, Passco Cos. sold The Haven, a garden-style community in West Melbourne, Fla., in January.