LaSalle acquires luxury Sarasota area apartment community

LaSalle Investment Management has acquired Summerhouse Lakewood Ranch, a newly-constructed, class-A multifamily property in the Sarasota suburb of Lakewood Ranch, Fla. The sales price was not disclosed.

LaSalle purchased the 257-unit property, which was developed in 2021 by LIV Development, on behalf of a separate account client.

Summerhouse Lakewood Ranch is 11 miles from downtown Sarasota in a desirable, fast-growing suburban market. Its location directly off State Road 64 and less than three miles from Interstate 75 provides residents excellent accessibility to amenities and major work nodes throughout the Tampa MSA. LaSalle Research & Strategy ranks the Sarasota-Bradenton market high on its Small Market Apartment Target analysis because of high household income, educated workforce and proximity to live-work-play amenities.

The tenant demand for apartments is underscored by the Sarasota-Bradenton market’s record-low vacancy, which was less than 2 percen