Villagio, located at 1100 Villagio Circle, about 60 miles south of Tampa, is a 2002-vintage, luxury apartment community with a two-story design. The property, which has large lakes, features 10.7 units per acre. Thirteen of the buildings have lake views.

Apartment Realty Advisors represented Florida-Southeast KMLD in the transaction. Richard Donnellan, principal, and Byron Moger, senior vice president and Apartment Realty Advisors' Tampa-area specialist, led the firm's marketing team.

According to Moger, "Villagio's upscale design and central location make this community an attractive candidate for condominium conversion," a trend with many apartment properties in Florida. The property is in a growing area of Sarasota County, where the yearly population growth between this year and 2008 is expected to increase at a compounded rate of 1.5% per year to 172,061 within five miles of Villagio.