Snell Properties Acquires Sarasota MF Community for $80M

Virginia-based Snell Properties has acquired ARCOS, a 228-unit, art-centric apartment community in downtown Sarasota’s Rosemary District. The sales price was $80 million. Snell was the partnership lead in pursuit and closing of the acquisition, and will lead management of the asset, on behalf of the ownership group.

Located at 320 Central Avenue, the community was built in 2019 and achieved stabilization in December of 2020. ARCOS offers studio, one, two and three-bedroom floorplans with keyless entry access, large walk-in closets, in-unit washer/dryers and luxury kitchens with quartz countertops, tiled backsplashes, stainless steel GE appliances including French door refrigerators with in-door ice and water dispensers.  The apartment community also features an on-site art gallery with original works displayed throughout the common areas and a permanent public sculpture by visual artist, Daniel Arsham.

Brian Moulder and Chris Chadbourne of Walker & Dunlop represented the undisclosed seller in the transaction. The Bainbridge Companies have been retained to manage the property.