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Conversions Continue as Apartment Community Trades for $30M

SARASOTA, FL-Another South Florida rental property plans a conversion to condominiums as the BF Group of Miami buys the Savoy on Palmer Ranch from Concierge Asset Management of Tiburon, CA for $93,133 per unit. The property, completed in 2000, is 98% occupied.

By Melissa Bogdany | Updated on October 27, 2004

SARASOTA, FL-A 324-unit, class A+, garden-style apartment community here has been sold to a condominium converter for nearly $30.2 million. The BF Group of Miami purchased the trophy property, the Savoy on Palmer Ranch, from Concierge Asset Management of Tiburon, CA for approximately $93,133 per unit, or $84.14 per sf.The Savoy, located on approximately 30.9 acres in the prestigious Palmer Ranch subdivision, was finished in 2000. The complex is 98% occupied.The property consists of 10 three-story, wood-frame apartment buildings and a one-story clubhouse/leasing building. The residential buildings have a total of 358,608 sf of net rentable space, or an average unit size of 1,107 sf. The community also has 648 total parking spaces–474 surface spaces, 108 garage spaces and 66 carport spaces–and an overall parking ratio of two spaces per unit.The Savoy is the second multifamily property in the area that the BF Group is converting to condominiums. Concierge Asset Management offered the property free and clear of any debt.The property, which has views of many on-site lakes, has amenities that include a heated Jacuzzi, a 5,600-sf clubhouse with resident lounge areas, a fitness center, a media/entertainment room, a car care center and controlled-access entry gates. Savoy has six floor plans whose features include private balconies, walk-in closets, wall-to-wall carpeting in the living areas, ceramic tile in the foyers and baths and high-speed Internet availability.Naples-based JBM Realty Advisors chairman and CEO Jamie May, senior director Eric Ammon and senior director Carlos Berner were the exclusive investment advisers/brokers who marketed the property.

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