Bradenton apartment complex loses $30 million in value

Bradenton apartment complex loses $30 million in value

Apartments for sale, Sean Dreznin

Apartments for sale, Sean Dreznin

By Michael Braga, Herald-Tribune / Monday, February 25, 2013

Bayshore Sunvest Devlopment LLC, a Hallandale company managed by Harvey Birdman, Louis Birdman and Herbert Hirsch paid $60 million for the 376-unit, Champions Walk apartment complex at 4148 53rd Avenue W in Bradenton in January 2007.

Just 18 months later, the company lost a $53.7 million foreclosure judgment to the now defunct Lehman Brothers and ceded the complex to Lehman Brothers two months later.

Earlier this month, Champions Walk of Bradenton LLC bought the complex out of foreclosure for $30.1 million, 50 percent less than the previous owner paid six years ago.

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