InvestRes Buys 148-Unit Sarasota Community
- Feb 06, 2019
InvestRes has acquired Oakwood Apartments, a 148-unit garden-style community in Sarasota, Fla. The property is partially affordable, with 25 percent of the units subject to restrictions based on the submarket’s median income levels. The transaction includes an assumed long-term, fixed-rate HUD loan originated in 2014, according to Yardi Matrix data.
The two-story Oakwood Apartments is located at 6720 15th St. E., in Sarasota’s Whitfield submarket. Built in 2015, the property consists of one- to three-bedroom apartments ranging from 730 to 1,229 square feet. Amenities include a pool, fitness center, business center and resident lounge.
“We believe this investment offers high risk-adjusted return potential for our investors …,” said Joe Facchini, CIO of InvestRes, in a prepared statement.
The new owner plans to increase the site’s visibility through new signage, renovate amenities such as the pool and fitness areas, add a summer kitchen near the pool and enhance apartment interiors. ResProp Management, the in-house property management division of InvestRes, will manage the community.
Oakwood Apartments is five minutes from the Sarasota airport, 15 minutes from the beach area and 20 minutes from the Sarasota Central Business District and downtown Bradenton. InvestRes’ first 2019 acquisition increases the company’s Florida footprint to more than 6,000 units. In late 2018, InvestRes secured $65.6 million in acquisition financing for the purchase of two garden-style communities, also in Florida.
Image courtesy of InvestRes