Monthly Archives: December 2013

Palmetto Villas Apartments (44-units) sells for $36,000/unit

Palmetto Villas Apartments (44-units) sells for $36,000/unit (Dec 2013)
via Bradenton Herald
Brought to you by Sean Dreznin of NAI Tampa Bay

Palmetto Villas receives a $1.12 million dollar facelift. (Feb 2012)

PALMETTO — Jacob Miller has a new roof over his head, literally.

Miller’s residence is one of 49 units in the Palmetto Villas Apartments complex that recently underwent renovations paid for with a $1.12 million loan provided by the U.S. Department of Agriculture’s Rural Development agency.

“A year ago this was a battleground,” said Richard A. Machek, state director for USDA Rural Development, during a ribbon-cutting ceremony Thursday in front of the apartments’ leasing office.

He said that when properties are “nice and clean,” residents tend to take better care of them, and that he hoped the commun- ity would stay engaged with the upkeep of the apartments.

The Guaranteed Rental Housing loans are given to citizens, corporations and partnerships who help provide affordable housing to rural communities.

Before the renovations, the property had “no hope of survival,” Machek said, and called the end results “phenomenal.”

Thomas F. Flynn, president of Flynn Development Corp., said the apartments went through a series of rehabilitations, including the installation of new air-conditioning units, new exterior doors and roofs that resist 130-mph winds.

“I know our residents really appreciate it,” Flynn said.

A new video security system also was installed.

Palmetto Villas Apartments, built in 1979, offers 800-square-foot, two-bedroom apartments and 925-square-foot, three-bedroom apartments.

According to Flynn, the apartment complex has a 95 percent occupancy rate.

Click here <—===== for complete article.

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Prime Land in Sarasota, FL FOR SALE ** Motivated Seller ** MAKE OFFER

Prime Land in Sarasota, FL FOR SALE ** Motivated Seller ** MAKE OFFER

CLICK HERE For Data <——============

Contact Sean Dreznin to get started on your new building!!

Contact Sean Dreznin to get started on your new building!!

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Aaron Lake Apartments in Bradenton, FL sell for $80,000 per unit

Aaron Lake Apartments in Bradenton, FL sell for $80,000 per unit

via Bradenton Herald – BY CHARLES SCHELLE
cschelle@bradenton.com

A New York company has purchased the Aaron Lake Apartments complex off of Cortez Road and 40th Street for $8.35 million.

Contact Sean Dreznin for all your Multi-Family needs

Contact Sean Dreznin for all your Multi-Family needs

CLICK HERE <—==== For similar apartments for sale

LR Aaron Lake LLC, located on Broadway in New York, purchased the complex Dec. 11 from owners Aaron Lake LLC, based in Minneapolis AND headed by Daniel Shattuck, according to property records. Aaron Lake LLC purchased the complex for $4.8 million from Bradenton Associates Limited in 2002, according to the property appraiser.

The complex, 4325 40th St. W, Features one- and two-bedroom apartments and includes a car wasH area, pet park, a fishing dock and boat storage, according to its website. The complex was built in 1986, according to land records.

Contact Sean Dreznin (sdr@naitampabay.com) with NAI Tampa Bay if your considering selling your apartments or if your looking to purchase.

Read more here: http://www.bradenton.com/2013/12/18/4894090/aaron-lake-apartments-sold-for.html#storylink=cpy

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Sarasota apartments sell for $1.6 million

Sarasota apartments sell for $1.6 million

Pic via Sarasota Herald article by Josh Salman

Pic via Sarasota Herald article by Josh Salman

Click Here For Apartments For Sale in Sarasota (One block from the property that just sold and priced at $68,750 per door (Negotiable!), pictured above)

By Josh Salman , Herald-Tribune / Wednesday, December 4, 2013

A Venice company managed by Aris Mardirossian has picked up a 24-unit apartment complex near the hospital for $1.6 million or $66,667 per door.

Citadel Apartments of Sarasota LLC used a $1.2 million mortgage with Branch Banking and Trust Co. to finance the deal, court records show.

Consisting of two separate buildings that house 12 units each, Catalina Apartments is located at 2023–2045 Hyde Park St., behind the Goodwill drop off location near Sarasota Memorial Hospital.

Seller SM-Catalina LLC, a Sarasota company managed by John Newsome and Michael Doyle, had owned the property since November 2007, when they bought it for nearly $1.7 million, court records show.

CLICK HERE For the complete article <—-==========

CLICK HERE to view apartments for sale in sarasota (located ONE block from the sold units)

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Northgate Galleria Building available For Sale in Sarasota, FL

Northgate Galleria Building available For Sale in Sarasota, FL

NAI Tampa Bay for sale in Sarasota County

 NAI Tampa Bay

NAI Tampa Bay

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NAI Tampa Bay Closes 200 Unit Hidden Oaks Apartments

NAI Tampa Bay Closes 200 Unit Hidden Oaks Apartments

Sean Dreznin joins NAI Tampa Bay

Sean Dreznin joins NAI Tampa Bay

NAI Tampa Bay

The Multi-Family team of John Burpee and Sean Lance are proud to announce the sale of the 200 unit Hidden Oaks Apartments located at 1121 Druid street Clearwater; Fl. NAI Tampa Bay represented the seller of the asset to a buyer for $8,500,000 or $42,500 per unit. The Buyer is California investment firm and plans a major rehab to the property over the next several months.

This transaction puts NAI Tampa Bay’s multifamily team over $200 million in closings year to date with an additional $124 million under contract that are expected to close by the end of the year. John Burpee, NAI Tampa Bay’s CEO and lead multifamily broker stated” This closing represents a true statement to the strength of the multifamily market and the appetite of investors for well positioned deals. All of our clients are asking us to present more deals and the market is flush with capital chasing value add as well as stabilized cash flowing assets”.”

John Burpee, President of NAI Tampa Bay, stated that this sale is a testament of the power of NAI’s Global network capability and how our firm is helping lenders dispose of REO assets. Our firm was able to provide the special servicers an opinion of value, advise them on receivership services, management of the asset and ultimately sell the asset to a client in our local database prior to the lender taking title.

NAI Tampa Bay is part of NAI Global, the world’s largest managed commercial brokerage network with more than 375 offices and 8,000 associates in 55 countries. To learn more, visit http://www.NAITampaBay.com
– See more at: http://www.tampabaynewswire.com/2013/11/04/nai-tampa-bay-closes-200-unit-hidden-oaks-apartments-16783#sthash.DgIXl1Pt.dpuf

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