May 23, 2019
Hunt Companies, Inc. sold an $80-million luxury residential development in Sarasota, FL to Bluerock Residential Growth REIT Inc. The DeSota, a Class AA, 180-unit complex that includes a resort-style swimming pool, clubroom, outdoor deck, gym quality fitness center and 24-hour concierge, was completed in 2017.
Hunt’s Dominick Cristiano, who managed the development, lease up and disposition of the property, said, “We are very pleased with the outcome of a well-conceived and executed business plan. A lot of the credit goes to our partner [Carter] and the Pinnacle team for their successful leasing effort over the last several years. The sales price reportedly represents one of the highest price per unit sales ever achieved in Florida on a multifamily transaction.”
The 10-story concrete development includes one, two, and three-bedroom apartments with 15,000 square feet of ground floor retail. Interior features include condominium-grade finishes including quartz countertops, stainless steel appliances and wine chillers.
Walker & Dunlop brokered the transaction.
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