Bayou Oaks - LIHTC Senior Housing 1160 Four Seasons Cir

Besen Partners, as exclusive agent for Ownership, is pleased to offer for sale, Bayou Oaks Apartments at 1160 Four Seasons Circle, Sarasota, FL 34234. Built in 2000, the property has 80 units on 8.13± acres with 83,235± residential NRA SF. Average unit size is 800± SF. 100% occupancy with an asking price of $8,000,000 ($100,000 price per unit).
LIHTC Senior Housing
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https://platform.reverecre.com/project/f87c5340-d8f3-4cf1-ac09-a2285ac0e73c

INVESTMENT HIGHLIGHTS

Growing Senior Population Driving Demand
Between 2010 and 2020, Florida experienced a 39.2% increase in its 65+ population, outpacing the national average of 34.2%. Projections estimate that by 2030, over 7 million Floridians will be 65 or older, comprising about 26% of the state’s total population. Florida remains a top retirement destination, home to 21% of all Americans aged 65 and older. This significant growth drives demand for age-friendly housing, such as 55+ communities and multifamily properties offering amenities tailored to older adults, supporting both occupancy rates and long-term property stabilization.

Rising Median Household Income
As more affluent residents move into the area, median household income continues to rise, creating strong opportunities for rent growth and enhancing the property’s long-term financial performance. Since 2021, the property has experienced a 53% increase in maximum rents allowed under the LURA, driven by rising median income levels. This trend is expected to persist, supporting robust NOI growth throughout the designated hold period.

Section 8 Tenants
With 28% of the property occupied by Section 8 tenants, the next owner will benefit from stable occupancy and reliable cash flow throughout the designated hold period, providing an additional layer of financial security.

Prime Location with Strong Protection
The property is situated in the C & D evacuation zones, with buildings elevated 20 feet above sea level, ensuring enhanced protection. Retention ponds are in place to support drainage, providing additional peace of mind. Residents enjoy convenient access, with Sarasota Memorial Hospital just a 15-minute drive away, making it ideal for seniors. Located just a few blocks from N Tamiami Trail, one of Sarasota’s major thoroughfares, the property offers easy access to a variety of restaurants and retail options for Bayou Oaks residents.