May 14, 2024 – Adam Podbelski of Horvath & Tremblay has arranged the sale of the Promenade Apartments, a twenty-nine (29) unit multi-family apartment building in Sarasota, Florida. Podbelski exclusively represented the seller to complete the transaction at a sale price of $7,175,000.
Constructed in 1975, the Promenade Apartments is a trophy asset in the heart of downtown Sarasota. Positioned one block from the Sarasota Bay, the Promenade Apartments is comprised of a three-story building and contains twenty-nine (29), 1-Bedroom/1-Bathroom units with 16,182 rentable square feet on a 0.88-acre parcel of land. The building features a secure gated parking area, direct entry units, and an elevator. The renovated units feature condo-quality finishes including tile floors, granite countertops, stainless steel appliances, and hardwood cabinets throughout. Located at 1045 Cocoanut Avenue in Sarasota’s blue-chip Central Cocoanut neighborhood, the Property is located one block from the Sarasota Bay and is a short walk from the Downtown Commercial District. The Property is positioned along Cocoanut Avenue and is seconds from N Tamiami Trail (US Route 41), one of the area’s primary commercial corridors offering a wide array of shopping, dining and grocery options. Sarasota’s downtown also features a plethora of employment, and entertainment opportunities. Sarasota is positioned along Sarasota Bay and offers convenient access to the Gulf of Mexico, Bradenton, St. Petersburg and Tampa to the north, and Fort Myers to the south. Sarasota is home to pristine beaches and the surrounding area is continually ranked among the top travel destinations in the United States, funneling tourism dollars into the local economy.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.