Tampa firm invests $5.5M into Sarasota townhome project

A Tampa investment firm has closed on a private equity investment in a Sarasota townhouse development. Plutus Capital Partners is putting $5.5 million into Rosemary Townhome Development LLC, a project by Vollmer Real Estate Investments.

The luxury townhouse development will be built in the Rosemary District, near downtown Sarasota. A $24 million project, the community will consist of 12 townhomes from 2,000 to 2,400 square feet, according to a statement.

Each home will have four bedrooms, a private rooftop terrace, two-car garage, outdoor kitchen and premium appliances. Six of the townhouses will include a private elevator and the option to add a rooftop cold plunge and sauna or six-person spa, according to a statement.

“The Plutus team looks forward to working with Max Vollmer, CEO of Vollmer Real Estate Investments,” Plutus Capital Partners CEO Matt Gough says in a statement. “Max has an impressive track record of similar, highly successful residential developments.” 

Vollmer Real Estate Investments has multiple townhouse projects underway across the region. Among them are Sunset Palms in St. Petersburg, Ola Residences at Armature Works in Tampa and Cohen One in Sarasota.

Rosemary Residences will be at 1442 9th St. in Sarasota, with townhomes priced from $1.85 million to $2.25 million. Construction is expected to be complete within 18 to 24 months.

“This development has been more than two years in the making — from land acquisition and initial vision to fully finalized plans and design,” Vollmer says in the statement. “We’re proud to join forces with a respected local group like Plutus on a project of this scale and significance. Our goal is to introduce a one-of-a-kind product to the Sarasota market, one that helps reshape the community and sets a new benchmark for future development.”

Plutus Capital Partners was founded in 2021 to provide capital solutions for small to medium-sized businesses and real estate developers in the Southeast, with a fund backed by anchor limited partners including the family offices of the DeBartolo, Lasher, Mallitz and Shah families.

Vollmer Real Estate Investments designs and develops townhome, luxury single-family and multifamily projects. According to the statement, Vollmer’s current development pipeline includes 61 residential units with a projected resale value of about $115 million.