Tampa Bay Luxury Community Trades for $80M

The DeSota. Image courtesy of Carter

Carter has sold The DeSota, a Class A, 180-unit luxury community in Sarasota, Fla. According to Yardi Matrix data, Bluerock Real Estate acquired the property for $80.3 million or $446,111 per unit, marking one of the highest price-per-unit purchases in the Florida multifamily market. The buyer also obtained $52.4 million in acquisition financing through Fannie Mae, with KeyBank as originator of the 10-year loan. The property, developed by Carter in partnership with Hunt Cos., was 98.3 percent occupied at the time of sale.

Located at 1415 Second St. in downtown Sarasota, the property is positioned right across the street from Whole Foods Market, within walking distance of the CBD, cultural arts district, Sarasota Marina and numerous shopping and dining venues. The North Tamiami Trail is less than 1 mile away to the west, providing easy access to the Sarasota-Bradenton International Airport located 3.7 miles north of the community.

Completed in 2017, the 10-story building, which also comprises 15,000 square feet of ground-floor retail, features one-, two- and three-bedroom units with floorplans ranging from 777 to 2,744 square feet. Apartment interiors include quartz countertops, stainless steel appliances, walk-in closets and high-speed internet access. Common-area amenities include a resort-style swimming pool, clubroom, outdoor deck, fitness center, pet spa and multi-level parking.

According to Carter, The DeSota targets the renter demographic that prefers luxury urban apartment living over home ownership. Another project with the same demographic is currently under development less that 1 mile northwest of the community, having received a $75 million construction loan.