JBM Sells The Point at Bella Grove - Apartments in Sarasota, Florida
ST. PETERSBURG, Fla., Sept. 16, 2022 /PRNewswire/ -- JBM® Institutional Multifamily Advisors brokers the sale of The Point at Bella Grove – a Class A, 180-unit, mid-rise style, multifamily community. Built in 2017, the Property sits on a 9.55 acre +/- site. Comprised of six residential buildings, two of which are four-story, elevator-serviced, the Property features a range of one, two, and three-bedroom floorplans averaging 916 square feet.
JBM® Chairman & CEO, Jamie May, comments, "I'd like to congratulate both buyer and seller on another JBM® Class A transaction. The continued rent growth projections, migration patterns, location, and physical plant drove tremendous interest in this mid-rise asset despite inflationary measures and a challenging interest rate environment. We are seeing larger players chasing lower loan to value ratios in order to lock in historical rates compared to just a few years ago."
The Point at Bella Grove offers a first-class amenity package, including a resort-style swimming pool; brick paver sundeck; a vibrant resident clubhouse with lounge, business center, and coffee bar; outdoor summer kitchen with two gas grills, poolside pergolas, and fire pit; exterior lounge with gas fireplace and couches; a 24-hour, state-of-the-art fitness center overlooking the pool; dog park with pet wash station; valet trash; and garages and storage units for rent.
This Class A property features modern, open-concept floorplans with luxury faux wood plank flooring; chef-inspired kitchens with designer 42" espresso cabinetry with brushed nickel hardware, subway tile backsplash, granite countertops, kitchen island and breakfast bar, energy efficient, stainless-steel appliances with ice maker, under cabinet lighting, and a deep, single basin stainless-steel sink with brushed nickel, pulldown, gooseneck faucet; 9' ceilings; and walk-in closets.
Ranked #3 in the U.S. for annual effective rent growth, Sarasota has benefited tremendously from the influx of new residents to Florida. Ideally located right off University Parkway in Sarasota, the Property offers numerous locational benefits. The Point at Bella Grove is located near the Sarasota-Bradenton International Airport, the University Park Medical Campus, and to the region's predominate retail destination – University Town Center. According to Esri, within one-mile, average household income is over $94K and the average net worth is more than $1.1 million.
JBM® is the #1 ranked boutique brokerage firm in the U.S.A. Despite only transacting in Florida, JBM® was ranked the #12 multifamily broker by sales volume throughout the entire U.S.A. according to Green Street's mid-year 2022 rankings. Amongst brokers with multiple transactions, JBM® ranks #1 for Highest Average Sold Price across the country.
SOURCE JBM Institutional Multifamily Advisors
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