ApexOne Investment partners (Fund V) has entered into a joint venture development agreement with Middle Street Partners to construct 216 apartment homes in Venice, Florida. The site is two miles from Interstate 75 on Jacaranda Boulevard, near world-class beaches, multiple large employment centers, and several upscale golf course communities. The surrounding area is a densely developed inland community with residential and retail uses. Publix, Bank of America, Winn-Dixie, CVS, Culver's, and Venice Health Park are each found in the immediate submarket. PGT Industries, Venice HMA, Sun Hydraulics, Sarasota Doctors Hospital, Ritz Carlton Hotel Company, and FCC Services all support 500+ employees and are the largest in Sarasota County.
Demographics in the immediate area surrounding the site indicate median household incomes of +/-$90,000, with 35% of residents holding college degrees or higher and 75% of people employed in white-collar jobs. Sarasota County's population grew by 33% from 2010-2020, with an additional 15% growth expected by 2027.
1000 Jacaranda will offer a variety of studio, one, two, and three-bedroom floor plans with a luxury amenity package and state-of-the-art leasing facility. Upon completion, ApexOne will hold the property for cash flow and long-term appreciation.