Marcus & Millichap (NYSE: MMI) has announced the sale of Beneva Oaks, a 40-unit apartment property located in Sarasota for $3.1 million. Luis Baez, CCIM, Miles Tombrink, Casey Babb, CCIM, and Shawn Rupp, investment specialists of The Babb Group in Marcus & Millichap’s Tampa office, marketed the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Luis Baez, CCIM, Miles Tombrink, Casey Babb, CCIM, and Shawn Rupp.
Beneva Oaks is located at 650 North Beneva Road in Sarasota and is a 40-unit, project-based, head-of-household-disabled, Section 8 community near downtown Sarasota. The property was originally developed in 1991 under the HUD Section 202 program and has provided affordable housing for head-of-household disabled residents since inception. The building houses 40 residential homes, a leasing office, and a community recreation room for the residents featuring wide-screen television for entertainment and a fully equipped kitchen. Apartment homes are a mix of 20 one-bedroom, one-bathroom units, which are 521 square feet, and 20 two-bedroom, one-bathroom units which are either 668 or 702 square feet. The property offers handicap accessible units in both floor plans. The units feature fully equipped kitchens, wall air conditioning units, semi-private entries via air-conditioned common interior corridors, durable wood-flooring in select units, hard-wired smoke detectors, and emergency call button in the bathrooms.