Dealmaker: JBM Brokers $115M Florida Apartment Sale

(Longitude 82, Sarasota, Fla.)

JBM Institutional Multifamily Advisors, Naples, Fla., brokered a Class A southwest Florida multifamily property sale for $115 million.

Passco Cos., Irvine, Calif., acquired Longitude 82 in Sarasota for $319,444 per unit.

Longitude 82 sits on a 32.5-acre site and has 360 units that average 971 square feet. Community amenities include a resort-style saltwater pool, dog park, package lockers and garages available for rent. Individual apartment amenities include open concept floorplans, granite countertops, built-in wine racks and kitchen islands with breakfast bar. All units have private, ground-floor entryways.

Longitude 82 is located in an A-rated school district, which helps to attract a high-income, family-oriented tenant base. The property is less than one mile from HCA Florida Sarasota Doctors Hospital and 15 minutes away from the area’s predominate shopping center, University Town Center. Household average net worth within a three-mile radius is $1.5 million.

JBM also brokered the property’s sale in 2017.