InvesRes has purchased Oakwood Apartments, a multifamily property located in Sarasota, Fla. The 148-unit two-story garden-style community sits on 10 acres and is located just five minutes from the Sarasota airport, 15 minutes from award-winning beaches, and 20 minutes from the business district and downtown Bradenton.
Oakwood is a high-quality community constructed in 2015, offering one- to three-bedroom apartments with floor plans of 730 to 1,229 square feet. The transaction includes an assumable, long-term fixed rate Housing and Urban Development loan.
Fully 25 percent of rents are subject to affordable restrictions based on median income levels. Oakwood, a 148-unit community, will be managed by InvestRes' in-house property management division, ResProp Management.
The capital improvement program includes improving site visibility through new signage, renovating amenities such as the pool and fitness areas, and enhancing the interior of the apartment homes.
"Oakwood is an off-market deal sourced through a longstanding relationship. We believe this investment offers high-risk-adjusted return potential for our investors, and we look forward to adding value for the community's residents by improving several resident amenities," said Joe Facchini, CIO of InvestRes, which now owns over 6,000 units in Florida.
