SARASOTA — A 40-unit apartment complex that provides affordable housing for adults with disabilities has sold for $3.1 million.
Beneva Oaks, 650 N. Beneva Road, contains a mix of one-bedroom, one -bathroom units of 521 square feet, and two-bedroom, one-bath units of 668 or 702 square feet.
The 1.8-acre property consists of a single three-story, elevator-serviced building.
The seller was an affiliate of nonprofit Goodwill Manasota. The buyer was Beneva Redevelopment Limited Partnership, part of The Access Group LLC, a privately owned real estate investment company in Troy, Michigan, that owns and manages apartment, retail and mixed-use properties.
Beneva Oaks was developed in 1991 under a federal Housing and Urban Development program and has provided affordable housing for head of household disabled residents since opening. It will remain a section 8 HUD property.
The Babb Group in Marcus & Millichap’s Tampa office represented both the buyer and seller.