Broad Creek Capital, Hillridge Capital, And Abod Capital Solutions Acquire 315-Unit Sarasota Multifamily For $67 Million

The Crossings at Palm Aire is a multifamily apartment complex located at 6707 45th Street East in Sarasota, FL. The property features 315 units and was sold for $67 million, translating to approximately $212,698 per unit. The sale involved the assumption of $39.2 million in existing debt from the seller, Eastwind Development.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $67,000,000
• Units: 315
• Price Per Unit: $212,698
• Buyer: Matthew Ruesch & Michael W. Green - Broad Creek Capital; Jonathan Cummings - Hillridge Capital; Cary Abod - Abod Capital Solutions
• Seller: Eastwind Development
• Existing Debt Assumed: $39,200,000

This transaction was facilitated by a joint venture led by Broad Creek Capital, which included partners from Hillridge Capital and Abod Capital Solutions, bringing together various investment entities for the acquisition.