The Commercial Real Estate Alpha Site

By John Hielscher – Staff Writer 

Saulstars Court attracted multiple offers and sold for 10 percent more than its asking price, according to agents

SARASOTA — A 54-unit rental duplex complex has sold for $5.1 million.

Saulstars Court, 3400 Tyne Lane, attracted multiple offers and sold for 10 percent more than its asking price, according to agents from Ian Black Real Estate who handled the transaction.

“We fielded more than 10 written offers in the first two weeks from individual and institutional buyers,” said George Kruse, investment sales associate at Ian Black. “This property hit a sweet spot in the market due to its middle-market size of between 10 and 100 units and its price point.”

The 27-duplex community is on 6.5 acres east of Honore Avenue and north of Bee Ridge Road. Occupancy was over 90 percent, with some units being held back for renovation.

The property was first listed for $4.6 million.

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The sale reflects the rising prices in the multifamily market here, said Kruse, who handled the deal with colleague Sean Dreznin.

“While the focus has been on the supply of new construction in the market, the other side of the multifamily investment market is re-sales,” he said. “We are seeing a severe lack of inventory in the middle-market apartment space. This is driving more interest to any opportunity that comes to market and further increasing the prices buyers are willing to pay due to the lack of alternative options.”

If you’re considering listing and selling your apartments, contact Sean Dreznin and George Kruse.  

Srqcre@gmail.com

Gwkruse@gmail.com

http://heraldtribune.com/news/20170726/sarasota-multifamily-complex-sells-for-51-million