Atlas is excited to announce the sale of Huntington Place Apartments, a 252-unit apartment community located at 3201 Huntington Place Drive, Sarasota, FL. Huntington Place was sold to Bridge Investment Group after an 11-year hold period with robust occupancy of ~95% at sale.
The transaction, which closed in May, generated an impressive deal-level ~4.2x multiple and ~24% IRR. The buyer assumed the below-market Fannie Mae loan originated by Berkadia Commercial Mortgage.
The sale attracted considerable interest from both institutional and private investors eager to acquire a well-located asset with advantageous in-place debt and value-add potential. Atlas Real Estate Partners, along with Andover Real Estate Partners, acquired the Sarasota property in 2013 for $21.75 million and executed a comprehensive renovation. The improvements included the renovation of nearly all units, upgrades to the clubhouse, extensive exterior enhancements such as façade improvements and new roofs, and the addition of modern amenities like a dog park, fitness center, and outdoor lounge area.
“In the time we owned Huntington Place, we have seen Sarasota emerge as a top multifamily market in Florida,” said Arvind Chary, co-founder of Atlas Real Estate Partners. “The combination of incredible job and population growth, along with the execution of our value-add business plan, enabled us to increase rents and value dramatically over our hold period and generate outsized returns for our investors. We look forward to replicating this model in our target markets throughout the Southeast.”
Berkadia’s Jason Stanton and Matt Mitchell represented Atlas and Andover in the sale.
The Sarasota multifamily market has been surging in popularity in recent years. The city has consistently been recognized for its quality of life, earning accolades ranging from Best Place to Live in FL, Best Places to Retire in the U.S., Fastest Growing Places in the U.S., and Best Beach in the U.S. (Siesta Key) from publications such as U.S. News and World Report and Travel + Leisure.
“Huntington Place is a case study for acquiring quality multifamily real estate in an emerging location, executing a tailored value-add strategy, and holding long-term,” said Alex Foster, co-founder of Atlas Real Estate Partners.
On the heels of this transaction, Atlas intends to acquire $1B+ of multifamily properties in the Southeast over the next few years.
