The Commercial Real Estate Alpha Site

 

BY: KEVIN MCQUAID | COMMERCIAL REAL ESTATE EDITOR

November 17, 2017

Continuing a wave of multifamily rental acquisitions throughout the Gulf Coast, a Virginia-based apartment operator has purchased a Sarasota complex for $43.25 million, according to property records.

General Services Corp.’s October acquisition of the former Bermuda Estates apartments marks its second purchase in the region this year.

Prior to buying the 220-unit complex at 4001 N. Taggart Cay off McIntosh Road — GSC renamed it Merigot Bay — the Richmond, Va., company in July acquired the 360-unit Hamlin at Lake Brandon community, for $60 million, Hillsborough County records show.

Officials from GSC, whose MRBF I LLC affiliate bought Bermuda Estates, did not return telephone calls for comment on its most recent purchase.

Monthly rental rates at the three-story Marigot Bay complex range from $1,190 for a single-bedroom residence to $1,575 for a three-bedroom unit, according to Apartments.com. The project was developed in 2003.

If you have any multifamily needs, either acquisitions or dispositions, contact SBR Commercial at (941) 961-8199 or stop by www.sbrcommercial.com