Skip to main content
Manatee-Sarasota
Business Observer Friday, Nov. 17, 2017 12 months ago

GSC buys second area complex this year

Share
Continuing a wave of multifamily rental acquisitions throughout the Gulf Coast, a Virginia-based apartment operator has purchased a Sarasota complex for $43.25 million, according to property records.
by: Kevin McQuaid Commercial Real Estate Editor

Continuing a wave of multifamily rental acquisitions throughout the Gulf Coast, a Virginia-based apartment operator has purchased a Sarasota complex for $43.25 million, according to property records.

General Services Corp.'s October acquisition of the former Bermuda Estates apartments marks its second purchase in the region this year.

Prior to buying the 220-unit complex at 4001 N. Taggart Cay off McIntosh Road — GSC renamed it Merigot Bay — the Richmond, Va., company in July acquired the 360-unit Hamlin at Lake Brandon community, for $60 million, Hillsborough County records show.

Officials from GSC, whose MRBF I LLC affiliate bought Bermuda Estates, did not return telephone calls for comment on its most recent purchase.

Monthly rental rates at the three-story Marigot Bay complex range from $1,190 for a single-bedroom residence to $1,575 for a three-bedroom unit, according to Apartments.com. The project was developed in 2003.

Marigot Bay becomes GSC's 10th acquisition within the region. In addition to Sarasota and Brandon, it owns apartment complexes in Bradenton, Clearwater, Largo and Tampa, according to its website.

Related Stories

Advertisement