Australian fund buys apartment complex for $54.7 million

Anson at Palmer Ranch rents units from $1,325 to $2,125 per month.
By: 
Jul. 13, 2018

In one of the largest multifamily rental transactions in Sarasota County in recent years, a Melbourne, Australia-based investment fund acquired the Anson at Palmer Ranch apartments for $54.72 million, according to county property and other records.

The entity, Australian Super, bought the property in conjunction with Sentinel Real Estate Corp. of New York, records show.

The duo acquired the 239-unit apartment complex, at 6201 Sawyer Loop Road in the Palmer Ranch section of the county, as AS Anson LLC from an affiliate of AG Spanos Corp., a Stockton, California-based developer.

Anson at Palmer Ranch, which was completed late last year, rents units from $1,325 per month to $2,125 per month, according to online apartment rental websites.

Australian Super officials could not be reached for comment, and officials from Sentinel Real Estate and AG Spanos did not return telephone calls regarding the transaction.

Since 2015, there have only been two multifamily rental transactions that have exceeded the price for Anson at Palmer Ranch. The 318-unit Advenir at Gateway Lakes was acquired by Advenir Inc. for $60 million last year, while TGM Associates of New York paid $70.55 million in 2016 for the 386-unit Tuscany Apartments, on University Parkway.