Cushman & Wakefield Closes Two Apartment Complex Sales Totaling $53M

25 Jul, 2011, Tampa

Cushman & Wakefield's Florida Apartment Brokerage Services, with apartment specialists in Tampa, Orlando, Jacksonville, Ft. Lauderdale and Miami, announces the sale of Sabal Palm at Carrollwood for $39 million and Beneva Place for $14.9 million. The purchaser of Sabal Palm at Carrollwood was CAPREIT and the purchaser of Beneva Place was Insula Properties, LLC. Executive Director Byron Moger and Director Luis Elorza were the only brokers involved in the transactions.

Sabal Palm at Carrollwood, built in 1995, is located at 3602 Carrollwood Place Circle in Tampa, and is a 432-unit Class A apartment community within central Carrollwood. Totaling 419,040 square feet, it offers a mix of 1, 2 and 3 bedrooms. The property features desirable floor plans, three-story design, vaulted ceilings, garages, a fitness center, a swimming pool and business center. A beautiful lake at the center of the property provides many of the units with fantastic water views.

Beneva Place, built in 1986, is located at 3451 Queens Street in Sarasota, and is a 192-unit apartment community within a desirable residential neighborhood just three miles from the white, sandy beaches of Siesta Key. Totaling 169,360 square feet, it offers a mix of 1and 2 bedrooms. The property features lush landscaping with mature trees, a beautiful outdoor pool and a large lake.

"Both properties have extraordinary infill locations and steady operating histories. The apartment rental markets in Carrollwood and Sarasota are strong. The lack of new inventory and continued strong demand will lead to higher market occupancy rates and rents. Apartments investors today have a highly positive outlook on Florida's economy and the multifamily market," said Mr. Elorza.

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