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Downtown Sarasota Affordable Housing Property Trades for $3M

Marcus & Millichap has brokered the $3.1 million sale of Beneva Oaks, a 40-unit apartment property in downtown Sarasota.

Located at 650 North Beneva Rd., the property is a project-based, head of household disabled, Section 8 community. The neighborhood was originally developed in 1991 under the HUD Section 202 program, and has provided affordable housing for head of household disabled residents since inception. The community includes a leasing office, as well as a recreation room for residents.

Luis Baez, Miles Tombrink, Casey Babb and Shawn Rupp of The Babb Group in Marcus & Millichap’s Tampa office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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