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.

The apartment complex, tentatively named Tapestry Sarasota, is expected to be complete in early 2027. It will feature one-, two- and three-bedroom units. Amenities will include a wellness center, walking trails and coworking spaces.

Birmingham-based Arlington Properties develops, manages and constructs multifamily properties. According to its website, it currently manages more than 30,000 apartment units across 100 communities in 15 states and has built more than 35,000 multifamily units.

BGA manages over $7 billion in assets.

Colliers’ Casey Babb, Shawn Rupp, Mark Eilers and John Ruscigno represented the buyers and Craft.

As for Craft, the firm says he owns an adjacent 13-acre waterfront parcel where he plans to develop a 57-unit luxury townhouse community.