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Business Observer Wednesday, May 11, 2022 3 months ago

Chicago investor buys second Sarasota complex — total investment in area tops $287 million

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Real estate giant LaSalle Investment Management buys a second Sarasota apartment complex in as many months.
by: Louis Llovio Commercial Real Estate Editor

A Chicago real estate investment giant has bought another Sarasota apartment complex, paying nearly twice what the previous owner paid just more than a year ago.

The property is the 336-unit Bainbridge Palmoré on Cattleman Road. The buyer is LaSalle Investment Management.

The sale, as of May 11, had not been posted on Sarasota County’s property records website, but the deed for the property shows LaSalle paid $1.16 million in documentary stamp fees, which translates into a $166 million price tag.

At that sales price, LaSalle paid slightly less than double the $88 million the previous owner paid for the complex March 21, 2021.

The property was bought April 14 through an LLC named LPF Cattlemen Apartments, a company that shares an address with LaSalle’s Chicago headquarters.

This buy comes weeks after the company paid $122.2 million for the complex Sage on Palmer Ranch at 12501 Honore Ave.

The $494,047.62-per-unit price LaSalle paid for Bainbridge Palmoré is about $20,000 more per unit than what it paid for Sage, reinforcing the narrative that outside investors are pouring hundreds of millions of dollars into Gulf Coast properties to capitalize on a post-pandemic spike in the need for housing.

How long that will last and how deep will investor will dig is anyone’s guess.

Bainbridge Palmoré, which opened in 2019, was developed by Bainbridge Cos., a company known for building upscale apartment complexes. The developer sold the property last year to Westbrook Partners of Palm Beach Gardens.

According to its listing on Apartments.com, Bainbridge Palmoré's units range in size from 751 square feet to 1,450 square feet. Monthly rent, per the listing, starts at $2,064 and tops out at $3,330. The complex is in a fast-growing part of Sarasota, a few miles south of the Mall at UTC and Nathan Benderson Park and just west of the Fruitville Road exit of Interstate 75. 

LaSalle, which has $78 billion in assets under management in 15 countries, did not respond to a request seeking comment.

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