Bluerock Pays $80M for Sarasota Multifamily
Walker & Dunlop brokered the transaction for the 180-unit property, which is capturing some of the highest rents in the state, for Bluerock.
SARASOTA, FL—Atlanta-based real estate development firm Carter has sold its recently completed The DeSota mixed-use complex here in a deal valued at $80 million to New York City-based Bluerock, Globest.com has exclusively learned.
Walker & Dunlop brokered the transaction for the 180-unit property, which is capturing some of the highest rents in the state, for Bluerock. The transaction calculated out to $444,528 per unit. Managing director Brian Moulder, who works out of Walker & Dunlop’s Orlando office, led the transaction for the Bethesda, MD-based commercial real estate finance firm.
The property, which was completed in 2017 and developed by Carter, also includes 15,000 square feet of retail space.
The DeSota, a Class-A mixed-use apartment tower encompasses a little more than one acre at the intersection of 2nd Street and Central Avenue. The site is located directly across the street from the downtown Whole Foods and is within walking distance of Sarasota’s burgeoning arts district, central business district, restaurants and the Sarasota Marina.
According to Carter’s website, the project is unique to the Sarasota area by “offering high-quality, amenity-rich rental living in a condominium-dominant market.”
Carter states that it secured what it terms was “an unprecedented zoning variance” that allowed the site to build up to 200 units per acre. The current zoning limits new construction to 50 units per acre.
Earlier this week, Walker & Dunlop reported first quarter 2019 total revenues of $187.4 million, an increase of 27% over the first quarter of 2018. Net income for the first quarter of 2019 was $44.2 million, or $1.39 per diluted share, up 20% from the first quarter of last year.