Marcus & Millichap Brokers Sale of FL Communities

The two-property portfolio located in Sarasota, Fla., traded to a 1031 exchange buyer for $9.5 million. The brokerage firm represented both parties in the deal.

Pinecrest Arms Apartments
Pinecrest Arms Apartments

Marcus & Millichap has arranged the sale of The Addison and Pinecrest Arms Apartments, two communities comprising 69 apartment units in Sarasota, Fla., for $9.5 million. The company represented the seller, a limited liability company, and the 1031 exchange buyer.

The Addison and Pinecrest Apartments are boutique apartment communities, located within a few blocks of one another, at 3701 Webber St. and 3400 S. Beneva Road. They provide easy access to the University Town Center and Interstate 75. Additionally, downtown Sarasota and Siesta Beach are within walking distance. The Addison comprises 41 two-bedroom units, featuring walk-in closets and central air conditioners. Common-area amenities include three laundry facilities and a pool. Pinecrest Apartments comprises 26 two-bedroom condominiums and features 1160 square feet of living space.

Nicholas Meoli, Michael Donaldson and Adam Podbelski, investment specialists at Marcus & Millichap, marketed the property on behalf of the seller and secured the buyer. 

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