A newly built, 324-unit multifamily community near downtown Sarasota, Fla., that has had strong lease-up performance has changed hands. New York-based national real estate firm The Praedium Group is the new owner of Oasis at Sarasota, acquiring it from the developer and seller, Picerne Real Estate Group and Equity Resources.
Newmark Knight Frank Multifamily Vice Chairman Patrick Dufour, Director Ryan Crowley and Associate Pibu Aulakh represented Picerne and Equity Resources in the sale. Newmark Knight Frank Executive Managing Director Matthew Williams, Associate Director Kyle Schlitt and Assistant Vice President James Maynard arranged a permanent loan for the buyer, funded through a life insurance relationship. Further details on the financing or sale price were not made public.
Dufour said in a prepared statement the property was 90 percent leased in less than 12 months with more than 25 leases signed per month. He cited the best-in-class product, amenity package and strong Sarasota location for the successful lease-up.
Constructed in 2019, Oasis at Sarasota consists of 12 three-story garden-style buildings and a one-story, 10,700-square-foot clubhouse. The property, which was 92 percent occupied at the time of the sale, has a mix of one-, two- and three-bedroom units ranging from 802 to 1,319 square feet. Unit interiors feature 9-foot ceilings with crown molding and granite countertops. The apartments also have “smart home” technology including Samsung SmartThings Hubs, smart door locks, lights and thermostats. Community amenities include a beach-entry saltwater pool, fitness center, dog park and screened-in outdoor living area with a fireplace.
Oasis at Sarasota is about 4 miles from downtown Sarasota and 10 miles from downtown Bradenton, Fla., both main employment hubs with significant office space. The property is also near the University Town Center Mall, Bradenton International Airport and the nearby hospital system. Lindsay Schuckman, vice president of the Praedium Group, said in a prepared statement Oasis at Sarasota is also close to award-winning beaches and nearly two million square feet of retail and entertainment destinations, including Saks Fifth Avenue and Whole Foods.
Population in Sarasota has increased more than 2.7 times as fast as the national average as people are attracted to the beaches, job growth, arts and cultural scene and affordability in comparison to other areas like Tampa, Fla. Chris Hughes, principal of the Praedium Group, noted in prepared remarks that there is a migration within Sarasota with tenants moving from the more congested downtown area to suburbs like North Sarasota where Oasis at Sarasota is located.
Previous Praedium Deals
The purchase of Oasis at Sarasota comes about a month after the Praedium Group announced the acquisition of Legacy on the Promenade in the Westminster/Broomfield submarket of the Denver MSA. Constructed in 2018, the property has 300 multifamily units and 24 townhome units with attached two-car garages.
In August, the Praedium Group acquired The Adeline, a recently completed, 237-unit luxury community in the Orlando, Fla., suburb of Maitland, Fla., from Pollack Shores Real Estate Group. A month earlier, the Praedium Group purchased Lasselle Place, a 304-unit community in Moreno Valley, Calif., with 15 two- and three-story buildings.