Snell Properties has entered the Florida market with the acquisition of a trophy multifamily community—the 228-unit ARCOS—in Sarasota for $80 million.
The Arlington, Virginia-based investor, developer, and asset manager was the partnership lead in closing the acquisition and will lead management of the property on behalf of the ownership group. According to the firm, Sarasota is one of the top submarkets for Class A apartments in the Greater Tampa area. In addition to the this acquisition, over the past nine months, Snell Properties has expanded its portfolio with the acquisition of three Class A assets in economically strong submarkets in North Carolina, Tennessee, and Virginia.
“We are excited to arrive in Florida with an incredible property like ARCOS,” said Peter Colarulli, vice president of Snell Properties. “The property’s prime location, high-quality modern design, and best-in-class amenity package complement the tangible energy of the surrounding business community that drew us to Sarasota. We look forward to identifying complementary investment opportunities in the region.”
The art-centric multifamily community, built in 2019 and reaching stabilization in December 2020, covers an entire city block in downtown Sarasota’s Rosemary District, a hub of culinary destinations and culture. It includes studio, one-, two-, and three-bedroom floor plans with keyless entry, walk-in closets, in-unit washers and dryers, and luxury kitchens with quartz countertops, tile backsplashes, and stainless steel appliances. ARCOS features an art gallery with original works displayed throughout the common areas and a permanent public sculpture by visual artist Daniel Arsham.
Community amenities include a resort-style heated pool with a sun deck, an outdoor pavilion with a fireplace and entertainment center, an outdoor kitchen and bar with grills, a spa with massage rooms and saunas, and a state-of-the-art fitness center. Inside common areas feature a social lounge and sports area with billiards, poker tables, a wet bar, and flatscreen TVs; a library with a Starbucks coffee station; and various seating areas and a fireplace. The community is pet-friendly, offering a fenced dog park as well as a dog spa with a wash-and-dry station.
ARCOS meets the needs of residents working from home, with a private business center with co-working spaces, a conference room and offices, and teleconferencing booths. Residents also have the opportunity to rent long-term private offices.
Walker & Dunlop’s Brian Moulder and Chris Chadbourne represented the seller in the transaction. Financing was provided by MetLife and arranged by Newmark’s Tim Weldon and Brian Kochan. The Bainbridge Cos. has been retained as the property manager.