Tapestry Sarasota Breaks Ground: A 325-Unit Luxury Complex Redefining South Sarasota Living
Arlington Properties and Battery Global Advisors have launched construction on Tapestry Sarasota, a 325-unit luxury apartment community on 18.42 acres at 7914 S. Tamiami Trail, marking one of South Sarasota’s largest multifamily projects in over two decades. Scheduled for completion in early 2027, the development offers high-end amenities including resort-style pools, coworking spaces, and wellness centers. Adjacent to the site, developer Jeff Craft plans a 57-unit waterfront townhome community overlooking Little Sarasota Bay. The project signals growing investor confidence and revitalization in Sarasota’s southern corridor, blending coastal design with modern living and strengthening the area’s residential appeal.
US apartment rent growth flattens in July
U.S. apartment rent growth stalled in July, with more than half of the 50 largest multifamily markets seeing month-to-month declines. The national average rent held steady at $1,717, marking the sixth straight month of flat or negative growth, while annual growth slowed to 1.1% from 1.5% in January.The slowdown is driven by higher supply and softening seasonal demand, which typically peaks in summer. Regionally, the Midwest and Northeast led with modest gains, while the South and West posted declines, especially in markets facing heavy new construction.San Francisco, Chicago, and San Jose topped annual growth, while Austin, Denver, and Phoenix led in annual declines. This reflects a growing divide between Midwest/coastal markets that remain resilient and Sun Belt markets where supply is outpacing demand.
The Fed is starting to worry about the housing market now
The Federal Reserve’s latest meeting minutes revealed new concerns about the housing market, which has been dragging down economic momentum. Policymakers noted weakening demand, falling prices, and declining building permits—raising worries that housing could become a broader risk to jobs and growth. While the Fed also flagged risks from tariffs, the labor market, and AI’s impact on employment, the housing slowdown stood out as a new focus. Fresh data confirmed the slump, with flat home sales, subdued prices, and low builder confidence, suggesting housing activity will likely soften further. This shift could influence upcoming rate decisions, with Chair Jerome Powell hinting at a possible September rate cut.
Port Charlotte’s Sunseeker resort sold for $200 million
Allegiant sold the Sunseeker Resort Charlotte Harbor to Blackstone for \$200 million, aiming to refocus on its airline business. The \$695M resort faced delays and losses but recently improved, attracting Blackstone’s investment. The sale closes in Q3.