Passco Cos. has acquired Springs at Bee Ridge for $77.5m from Continental Property. Located in Sarasota, Florida, the 360-unit class A community changed hands for just under $215,280 per unit. Completed in 2017, the asset’s common amenities include a saltwater swimming pool, coffee bar and catering kitchen. The sale was completed with mortgage financing arranged by KeyBank Real Estate Capital. JBM Institutional Advisors represented both the seller and the buyer in the transaction. Passco plans to rename the property Longitude 82°.
“Passco recognized that the demand for high-quality multifamily housing will continue to grow as Sarasota shows strong demographics, including annual average household incomes over $100,000,” said Colin Gillis, vice president of acquisitions at Passco. “The Bradenton-Sarasota-North Port MSA has also added more than 25,000 jobs over the past two years and boasts one of the lowest unemployment rates in the entire state of Florida.”
