South Sarasota apartment project site sells for $1 million per acre

An Alabama apartment developer and Boston investment firm have bought 18.42 acres in south Sarasota County where a multifamily development is under construction.

According to Sarasota County property records, the land at 7914 S. Tamiami Trail — just west of Palmer Ranch — sold for $18.42 million. The buyers were Arlington Properties and Battery Global Advisors.

The seller, according to Colliers, which represented both sides of the transaction and announced the deal, was St. Petersburg multifamily developer Jeff Craft. Property records show he paid $4.6 million for the property in 2019.