December 12, 2019 Comments Off on Sarasota Apartment Community Trades for $42M Views: 469 Central Florida, Florida News, Top Florida

Sarasota Apartment Community Trades for $42M

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Cushman & Wakefield has arranged the $42.1 million sale of The Lexington Apartment Homes, a 267-unit multifamily community in Sarasota. The sales price was $42.1 million.

Located at 3510 Cheshire Sq., the garden-style property was built in 1974 and features a unit mix of one- to four-bedrooms which average 1,040 square feet. Select units have recently been updated with stainless steel appliances and vinyl plank flooring throughout. Amenities include two swimming pools, a recently-renovated fitness center, tennis court, clubhouse with resident lounge, pet park and on-site laundry facility. All units have private balconies and patios, and many have lake views.

Nick Meoli and Mike Donaldson of Cushman & Wakefield’s Florida Multifamily Investment Sales Team, represented the seller, Forest Properties, a Boston-based property management and asset-repositioning firm, in the transaction. The buyer was Laguna Point Properties, a California investment company that specializes in value-add opportunities in the southeastern and western United States.

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