Comprising 14 acres in Sarasota, the $7.68 million sale of the University Parkway property was coordinated by SVN Commercial Advisory Group; the property is planned for a new 240-unit multifamily housing community
Sarasota, Fla. (January 30, 2019) – SVN Commercial Advisory Group started 2019 off strong with the $7.68 million sale of a 14-acre University Parkway property in Sarasota. The buyer, LIV Development, plans to build a 240-unit Class A apartment community on the property. The seller was University Groves Development.
As part of its strategic marketing efforts, SVN Commercial Advisory Group received significant interest and multiple offers on the property, proving that the demand for multifamily assets, apartments, remains strong.
Centrally located between Sarasota and Bradenton, the new, planned community will be ideal for commuters to either city. Coupled with the continued high demand for multifamily opportunities in this market, the sale achieves a highest and best use for this ideally located property.
“Originally marketed and approved for general commercial, the buyer recognized the significant opportunity for a multifamily community, and we were able to make it happen for them,” said Mike Migone, senior Investment advisor, SVN Commercial Advisory Group, and member of the SVN Florida Multifamily team and the SVN Land Alliance. “There is also a 101-unit extended stay hotel planned on adjacent property. Together, these two developments will complete the balance of the Town Center of University Groves development, serving this growing community.”
The SVN Florida Multifamily team and the SVN Florida Land Alliance are comprised of select groups of experienced commercial real estate advisors. In addition to traditional commercial brokerage, these advisors provide the entire spectrum of acquisition, market positioning and disposition services for these specialized offerings. Founded in the spirit of collaboration, the teams are able to provide a single point of contact relationship for clients interested in any multifamily or land asset in Florida.
“Thanks to our knowledge of the market and multifamily properties, our team was able research and provide the supporting data that showed the benefit of changing the use of the property from commercial to multifamily,” said Migone. “It was a win for everyone involved in the sale.”
SVN is the only commercial real estate company that markets all of its properties to the entire brokerage and investment community. SVN advisors share commission fees with cooperating brokers to close more deals in less time and at the right value for clients. This open, transparent and collaborative approach to real estate is the SVN difference.
SVN, a commercial real estate brokerage firm headquartered in Boston, is one of the industry’s most recognized and powerful brands based on the annual Lipsey Top Brand Survey and Commercial Property Executive Magazine. With more than 200 locations in 500 markets, SVN Commercial Real Estate Advisors provide sales, leasing and property management services to clients worldwide. The Florida team consists of more than 100 advisors serving locations across the state.