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A newly built apartment complex in Sarasota, Florida, has traded hands for $73 million, the seventh-largest deal in the area’s history and another sign that investors aren’t deterred by a secondary market experiencing a large supply wave.

The Praedium Group of New York City acquired the 324-unit Oasis at Sarasota in North Sarasota, south of Tampa, for more than $225,300 per unit, according to CoStar.The seller was Picerne Real Estate Group of Warwick, Rhode Island. The average monthly rent is $1,450, and the year-old complex is near 90% occupancy, CoStar data shows.

Of Sarasota’s seven-highest apartment sales, six were built since 2015, while 2019 was the largest sales volume year ever in Sarasota, according to Brian Alford, CoStar’s director of market analytics for Central and West Florida.

“Sarasota has been among the highest relative multifamily construction markets for the past six to seven years, and all of that new luxury supply is driving up sales volume and allowing all of these high-ticket transactions,” he said in an email.

The most expensive apartment sale ever in the Sarasota market is the 900-unit Carlton Arms of Bradenton, which sold for $110.5 million in 2018, according to CoStar.

The $225,308-per-unit price at Oasis is well above the Sarasota market average for luxury properties but still fell well short of the market record last year at The Desota, which fetched $446,111 per unit, Alford noted.  The Desota had commercial leases in place with a first floor that was all retail including restaurants, breweries and a salon.

Construction activity in the Sarasota market has eclipsed the national average for the past seven years, and there’s no indication the trend will end anytime soon, according to the latest report from CoStar Market Analytics.

“The increased supply has tested demand of late, with the average market vacancy rate loosening over the past six quarters,” the report says. “Although a brief pause in deliveries allowed the market to bounce back in early 2019, vacancies are once again rising and well above the long-term average.”

But Praedium noted that Sarasota’s population has increased more than 2.7 times faster than the national average in the past five years. The firm added that Saks Fifth Avenue and Whole Foods Market are among the 2 million square feet of retail within 5 miles of Oasis at Sarasota.

“Further there appears to be a migration occurring within Sarasota, with tenants moving from downtown Sarasota to its suburbs, in order to escape the increased congestion,” Chris Hughes, a Praedium principal, said in a statement.

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