Garden-style apartments in Sarasota sell for $70.5 million

A garden-style apartment complex in Sarasota has sold for $70.5 million or more than $220,000 per key.

California-based Strategic Holdings sold the 320-unit Reserve at Palmer Ranch to MLG Capital of Wisconsin in a deal that closed Sept. 7. A team of brokers from Berkadia North and Central Florida — Jason Stanton, Cole Whitaker and David Etchison — represented Strategic Holdings in the transaction.

Freddie Mac provided a 10-year mortgage for $56.3 million, property records show. The loan has a fixed interest rate and full-term interest only, Berkadia said. John Koeijmans of Berkadia Dallas secured the acquisition financing.

“MLG Capital plans to implement upgrades to the community and build upon capital improvements completed by Strategic Holdings during their ownership,” Etchison said in a statement.

The community was built in 1990 in a low-density layout that features one- and two-story buildings; 67% of the units are two or three bedrooms.

“This transaction showcased our strong partnership with Freddie Mac as we navigated a turbulent financing environment,” Koeijmans said in a statement. “MLG Capital was able to utilize Freddie Mac’s Index Lock execution to secure a below-market interest rate, despite the volatility in the capital markets.”

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