Bluerock Buys The Desota Apartments for $80.3 Million

Carter USA and Hunt Companies have sold The Desota, a 180-unit apartment community at 1415 Second St. in Sarasota, Florida, for $80.3 million, or about $446,000 per home, to Bluerock Real Estate LLC.

The 10-story, 155,460-square-foot, 4-Star multifamily property was built in 2017 on 1.2 acres in the Downtown submarket of Sarasota County. It features a resort-style swimming pool, clubroom, outdoor deck, gym-quality fitness center and 24-hour concierge. The asset offers 15,000 square feet of street-level retail space beneath a mix of one-, two- and three-bedroom floorplans both with and without dens. Each home ranges from 777 to 2,744 square feet with asking rents between $1,870 and $7,311 per month, according to CoStar records.

In connection with the sale, the buyer assumed existing debt on the property. The current financing package totals $42.9 million held by KeyBank National Association.