Palm Beach investor acquires 2.5 acres and 33 units in five buildings
The 33-unit Margate Apartments just sold for $3.08 million to 1001 N Beneva Road LLC, a subsidiary of Palm Beach-based Rosinsky Management Inc. headed by real estate investor Mathieu P. Rosinsky.
The apartment complex of five buildings sits on 2.5 acres. It contains 29 two-bedroom, one-bath units; three three-bedroom, one-and-a-half bath apartments, and a single one-bedroom, one-bath unit.
“The asset is located less than a five-minute drive to downtown Sarasota and is a true value-add acquisition as the majority of the rents are significantly below market for the area,” Phil Ginexi said in an email to the Herald-Tribune. Ginexi and Kyle Keelan of NAI Tampa Bay represented the buyer.
“The acquisition will be a great addition to the buyer’s portfolio,” Ginexi said, “and the transaction further speaks to the continued strength of the Sarasota multifamily market.”
The property seller was Margate SRQ LLC, a company managed by Marilyn Desenberg.