Press Releases
Marcus & Millichap Brokers Sale of Multifamily Property in Sarasota, Florida
July 16, 2026
SARASOTA, Fla., July 16, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Echo on Eighth, a multifamily property in Sarasota, Florida. The asset sold for $4,850,000, or $210,870 per unit.
“This was a deal where our team’s outreach efforts came to fruition. We quickly found a Midwest-based buyer who was buying their first-ever multifamily property,” said Jason Hague, managing director investments in Marcus & Millichap’s Tampa Office. “Despite some speedbumps along the way, we were able to close at an impressive price per unit and price per square foot for this submarket.”
Hague and Ned Roberts of Marcus & Millichap exclusively marketed the property on behalf of the seller, Insula Companies, and procured the buyer, Hewitt Real Estate Holdings.
The property, located at 785 N Osprey Ave., totals 14,490 rentable square feet across 23 units on a 0.92-acre lot. The two-story apartment building was built in 1975. Nearly $1.3 million in capital improvements have been completed since 2022, including new roofs, windows, a parking lot, electrical systems and plumbing. All units are two-bedroom apartments which have been fully renovated and include stackable washers and dryers.
Echo on Eighth is across the street from Gillespie Park, within walking distance to Downtown Sarasota and close to St. Armands, Siesta Key and Longboat Key.
“This was a deal where our team’s outreach efforts came to fruition. We quickly found a Midwest-based buyer who was buying their first-ever multifamily property,” said Jason Hague, managing director investments in Marcus & Millichap’s Tampa Office. “Despite some speedbumps along the way, we were able to close at an impressive price per unit and price per square foot for this submarket.”
Hague and Ned Roberts of Marcus & Millichap exclusively marketed the property on behalf of the seller, Insula Companies, and procured the buyer, Hewitt Real Estate Holdings.
The property, located at 785 N Osprey Ave., totals 14,490 rentable square feet across 23 units on a 0.92-acre lot. The two-story apartment building was built in 1975. Nearly $1.3 million in capital improvements have been completed since 2022, including new roofs, windows, a parking lot, electrical systems and plumbing. All units are two-bedroom apartments which have been fully renovated and include stackable washers and dryers.
Echo on Eighth is across the street from Gillespie Park, within walking distance to Downtown Sarasota and close to St. Armands, Siesta Key and Longboat Key.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
