Bluerock Residential Growth REIT Inc. has acquired an $80 million residential development in Sarasota, Florida from Hunt Companies. Walker & Dunlop brokered the transaction.

The DeSota is a Class AA, 180 unit complex which includes a resort style swimming pool, clubroom, outdoor deck, gym quality fitness center and 24 hour concierge. The property was completed in 2017.

Dominick Cristiano, managed the development, said, “We are very pleased with the outcome of a well-conceived and executed business plan. A lot of the credit goes to our partner [Carter] and the Pinnacle team for their successful leasing effort over the last several years. The sales price reportedly represents one of the highest price per unit sales ever achieved in Florida on a multifamily transaction.”

The 10-story concrete development includes one, two, and three-bedroom apartments with 15,000 square feet of ground floor retail. Interior features include condominium-grade finishes including quartz countertops, stainless steel appliances and wine chillers.

Source: Connect Media

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