The Lexington Apartment Homes
SARASOTA, FL—Laguna Point Properties, a California investment company, has purchased The Lexington Apartment Homes here for $42.1 million, or $157,711 per unit. Cushman & Wakefield arranged the sale of the 267-unit complex, representing Forest Properties, a Boston-based property management firm.
Nick Meoli, executive director with Cushman & Wakefield's Florida Multifamily Investment Sales Team, tells GlobeSt.com that the buyer plans on partially renovating interior units by adding washer/dryer connections and appliances in each unit, installing a stainless steel appliance package including microwaves, adding new Formica or hard-surface countertops in the kitchen and bathrooms and updating the interior paint to a more modern color tone.
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