Florida & Gulf Coast CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Passco Acquires 360-Unit MF in Sarasota for $77.5M
Connect Apartments is coming up on June 26th in Los Angeles. Here’s a link to find out more about the conference and register.
Passco Companies acquired a Class A, trophy multifamily asset in Sarasota, FL for $77.5 million. The 360-unit luxury community, currently named Springs at Bee Ridge, will be rebranded as Longitude 82o.
The institutional grade property is located at 5900 Wilkinson Rd., and has direct access to Interstate Highway 75, a key regional connector to the Tampa market and Southwest Florida.
JBM Institutional Multifamily Advisors’ Jamie May represented the seller and the buyer. KeyBank Real Estate Capital’s Chris Black and Caleb Marten arranged acquisition financing.
Amenities include a resort-style salt water swimming pool with an expansive sun deck and poolside kitchen with grills and a fire pit, 24-hour state-of-the art fitness center, a resident clubhouse and lounge, two leash-free dog parks, pet grooming station, car wash area, and controlled-access gated entry.
This acquisition brings Passco’s multifamily portfolio in the state of Florida to nine properties, totaling more than 2,700 units.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

