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

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.