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Hunt Sells $80M Apartment Asset in Sarasota, FL

Hunt Companies, Inc. sold an $80-million luxury residential development in Sarasota, FL to Bluerock Residential Growth REIT Inc. The DeSota, a Class AA, 180-unit complex that includes a resort-style swimming pool, clubroom, outdoor deck, gym quality fitness center and 24-hour concierge, was completed in 2017.

Hunt’s Dominick Cristiano, who managed the development, lease up and disposition of the property, said, “We are very pleased with the outcome of a well-conceived and executed business plan. A lot of the credit goes to our partner [Carter] and the Pinnacle team for their successful leasing effort over the last several years. The sales price reportedly represents one of the highest price per unit sales ever achieved in Florida on a multifamily transaction.”

The 10-story concrete development includes one, two, and three-bedroom apartments with 15,000 square feet of ground floor retail. Interior features include condominium-grade finishes including quartz countertops, stainless steel appliances and wine chillers.

Walker & Dunlop brokered the transaction.

Connect Apartments is planned next month in Los Angeles. You can get more information and register to attend on this link.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition