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5900 Wilkinson Rd, Sarasota...

Updated Oct 29, 2024

Passco Cos Acquires Property In Sarasota From Continental Properties For $77.5 Million
SOLDMultiFamily

Passco Cos Acquires Property In Sarasota From Continental Properties For $77.5 Million

5900 Wilkinson Rd, Sarasota, FL, 34233

$77,500,000

Units

360

Asset Type

MultiFamily

Closing

Nov 20, 2023

About this deal

AI

Passco Cos has acquired Springs at Bee Ridge, a 360-unit, Class A apartment community located at 5900 Wilkinson Road, Sarasota, FL, 34233. The transaction was completed for a price of $77,500,000.00. The property comprises 0 square feet and is situated in the Sarasota market.

Summary of transaction details:

  • Property Type: Apartment Community
  • Transaction Amount: $77,500,000.00
  • Buyer: Passco Cos
  • Seller: Continental Properties
  • Buyer's Representative: Jamie May
  • Financing Arranged by: Chris Black and Caleb Marten of KeyBank Real Estate Capital
  • New Branding: Longitude 82°
  • Total Florida Portfolio: Nine properties totaling over 2,700 units

Jamie May represented both Passco Cos and Continental Properties in this transaction. The deal highlights Passco's expansion in Florida, adding Springs at Bee Ridge to their portfolio, which includes a previously acquired asset in Estero named Longitude 81°, also purchased from Continental Properties.

On the Map

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$77,500,000

MultiFamily

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Players

Jamie May

JBM Institutional Multifamily Advisors

Broker

$802.8M

vol

12 deals

Broker
PC
Passco Cos.Buyer
CL
Continental Properties, LLCSeller
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Sarasota MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.20%

Cash-on-Cash

-0.06%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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