Echo on Eighth, a 23-unit apartment property near downtown Sarasota, has sold for $4.85 million, or about $210,870 per unit.
Hewitt Real Estate Holdings purchased the property at 785 N. Osprey Ave. from Insula Companies in a transaction brokered by Marcus & Millichap, which represented the seller and procured the buyer. The sale reflects continued investor demand for renovated multifamily properties in Sarasota’s urban core, where smaller apartment communities near downtown continue to attract buyers seeking stabilized assets with limited near-term capital needs.
“This was a deal where our team’s outreach efforts came to fruition. We quickly found a Midwest-based buyer who was buying their first-ever multifamily property,” Jason Hague, managing director investments in Marcus & Millichap’s Tampa office, said in a statement. “Despite some speedbumps along the way, we were able to close at an impressive price per unit and price per square foot for this submarket.”
Hague and Ned Roberts of Marcus & Millichap exclusively marketed the property on behalf of the seller.
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Built in 1975, Echo on Eighth comprises 14,490 rentable square feet across 23 two-bedroom apartments on a 0.92-acre site. Since 2022, the property has received nearly $1.3 million in capital improvements, including new roofs, windows, electrical and plumbing systems and parking lot upgrades. All of the apartments have also been renovated and include stackable washers and dryers.
The property sits across from Gillespie Park, within walking distance of downtown Sarasota, and is a short drive from St. Armands, Siesta Key and Longboat Key.
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