The buyer is planning to undertake a thorough renovation of apartment interiors at the 267-unit property.
Forest Properties has sold The Lexington Apartment Homes, a 267-unit community in Sarasota, Fla. Laguna Point Properties paid $42.1 million for the Class B asset.
According to Yardi Matrix data, the buyer funded the purchase with a $32 million Freddie Mac loan originated by Newmark Knight Frank, also assuming the existing $24 million Fannie Mae financing from Capital One. Cushman & Wakefield assisted the seller in the deal.
Located at 3510 Cheshire Square, The Lexington is roughly 3 miles northeast of downtown Sarasota and within walking distance of the Publix-anchored Sarasota Commons. The property is midway between Interstate 75 and U.S. Route 301, just a few miles away from a 180-unit luxury community which traded in May in one of the highest price per unit deals in the Florida multifamily market.
Developed in 1974, the community consists of 14 three-story buildings spread across 18.6 acres. The unit mix features one- to four-bedroom apartments ranging in size from 733 to 1,555 square feet. Common-area amenities include two swimming pools, a fitness center, a tennis court, a clubhouse and a pet park. According to Yardi Matrix data, the property was 97.4 percent occupied as of October.
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