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Business Observer Friday, Apr. 5, 2013 9 years ago

Abington Properties, JB Howell buy Champions Walk apartments

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The price equated to $80,053 per unit.

BUYER: Champions Walk of Bradenton LLC (Abington Champions Walk LLC), Davie
SELLER: Champions Walk L/Cal LLC
PROPERTY: 4148 53rd Ave. W., Bradenton
PRICE: $30.1 million
PREVIOUS PRICE: $60 million, January 2007
LAW FIRM ON DEED: Sills Cummis & Gross PC, New York City

PLANS, DESCRIPTION: A company affiliated with New York City-based Abington Properties and Davie-based JB Howell purchased the 376-unit Champions Walk apartment complex for $30.1 million.

The price equated to $80,053 per unit.

Built in 1997, the 374,156-square-foot development features one-, two- and three-bedroom units. The property includes a lake, clubhouse, fitness center, laundry facilities, lighted tennis courts and a swimming pool. It also has 65 detached garages.

The community, which is adjacent to IMG Academy and State College of Florida was 94% occupied at the time of the sale.

Luis Elorza and Byron Moger of Cushman & Wakefield of Florida Inc. handled the transaction.

“It was in pretty good condition,” Elorza says. “There were a few minor age-related issues, but not much. The new owner usually does put money into their properties to improve the look and feel of the property, but they didn't discuss that with me.”

Abington Properties is a family-owned and operated real estate management and development company. JB Howell is a full-service real estate firm that develops and sources funding for others and owns a portfolio itself of commercial and multifamily real estate. Neither company replied to requests for comment.

The purchase entity Champions Walk of Bradenton LLC mortgaged the property to New York Community Bank for $21 million.

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