Apartment complex sheds nearly $3 million in value

Apartments pictured are representative. Not the actual complex

By , Herald-Tribune / Tuesday, April 3, 2012
Villa Palma of Sarasota Inc., a Sarasota subsidiary of Liberty Savings Bank, has sold an 18-unit apartment complex at 8902 Silkwood Court in Sarasota to Silkwood of Sarasota Realty LLC for $1.365 million.The chain of duplex villas were formerly owned by Silkwood Court LLC, a Sarasota company managed by serial condo converter Warren Hickernell.Hickernell and his investment group bought the buildings for $4.05 million in March 2006 and lost them to foreclosure in September 2007.

Silkwood of Sarasota Realty, a Longboat Key company managed by Robert K. Lesser, financed its purchase with a $900,000 loan from Florida Shores Bank.

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Filed under Commericial Real Estate Articles & News, Investment Real Estate

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