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Sunrise Villa sells for $2.1 million

  • By
  • | 1:53 p.m. June 8, 2012
  • Commercial Real Estate
  • Manatee–Sarasota
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BUYER: 1809 19th LLC, (Avesta Real Estate Fund I LLC), Tampa

SELLER: New Spectrum Inc.

PROPERTY: 1606 36th St., 1717 29th St., 1512 and 1521 30th St., 1509, 1541 and 1549 24th St., 2405 Leon Ave. and 1809 and 1840 19th St., Sarasota

PRICE: $2.1 million

PLANS, DESCRIPTION: Tampa-based Avesta Homes LLC purchased the 119-unit Sunrise Villas multifamily community in Sarasota for $2.1 million.

The price equated to $17,647 per unit.

Built in 1961, the 6.13-acre, 10-parcel community covers a two-mile stretch between 19th Street and 36th Street. The development features 46 one-story buildings with 117 two-bedroom, one-bathroom units, one two-bedroom, two-bathroom unit and one three-bedroom, one bathroom unit.

Michael Regan and Francesco Carriera in Marcus & Millichap's Tampa office handled the transaction.

“There is a lack of properly priced C quality properties in the Sarasota market,” Carriera says. “We were able to receive multiple offers and close the property with an all-cash buyer for 93% of the list price.”

Avesta Homes LLC, which also operates as Integritas Residential LLC, has been an aggressive buyer of multifamily properties since the recession. It recently purchased a 43-unit portfolio of three adjacent apartment properties on Executive Drive in New Port Richey for $1.18 million. The investment group also owns the 120-unit Southern Oaks apartment in Tampa, 193-unit Treesdale Condominiums in Bradenton and 187-unit Fredericksburg Apartments in Tampa.


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