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Sarasota-Manatee
Business Observer Friday, Jun. 24, 2022 1 month ago

47-year-old Sarasota apartment complex sells for more than $260,000 per unit

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A local investor has bought Parkside East and will give it “numerous updates and enhancements.”
by: Louis Llovio Commercial Real Estate Editor

A Sarasota apartment complex has sold for $6 million.

Parkside East, a 23-unit complex at 785 N. Osprey Ave., was bought by an LLC named FL Echo. The company’s address, 50 Central Ave., Sarasota, matches that of Insula Cos., a local real estate investment firm, according to Florida Division of Corporations records. 

The buyer, according to a statement from the Lakewood Ranch commercial real estate firm Dreznin & Pappas, which worked on the deal, is an “experienced investor with a wealth of knowledge and the property is expected to receive numerous updates and enhancements moving forward.”

Although the sale price is not as flashy as some multifamily properties sold across the region in the past year, the $260,870-per-unit mark is certainly impressive, especially when you consider the complex, built in 1975, is not a high-end development with a laundry list of amenities.

Parkside East does not have a website, and its profile on Apartments.com says no units are currently available.

The property was previously owned by Four Futures group, which bought the complex in 2012 for $1.05 million — $45,652 per unit.

Insula, according to its website, bought its first property in 2009 and owned 16,979 units by 2019, which is the latest date on the site. The website shows the company owns 14 properties, most locally.

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