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Commercial Real Estate
Business Observer Friday, Aug. 12, 2011 10 years ago

Aventura investor group buys Villa of Venezia Land, Units

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Miami-area investors David Bernstein, Howard Weinberg and Dolores Warren purchased 44 condominium units in the Villas of Venezia condominium and 11 acres of vacant land for $2 million.

BUYER: Larkspur Venezia LLC (principals: David Bernstein, Howard Weinberg and Dolores Warren), Aventura

SELLER: CRE Properties Inc.

PROPERTY: 4101 Metro Parkway, Fort Myers, various units and additional addresses on Castilla Circle, Fort Myers

PRICE: $2 million

PREVIOUS PRICE: $4.93 million, April 2004

LAW FIRM ON DEED: Broad and Cassel, Miami

PLANS, DESCRIPTION: Miami-area investors David Bernstein, Howard Weinberg and Dolores Warren purchased 44 condominium units in the Villas of Venezia condominium and 11 acres of vacant land for $2 million.

The price equated to $45,455 per developed unit. Jonathan Richards of CB Richard Ellis represented the buyer, and Juan Munoz of KW Property Management represented the seller, a company of BankUnited.

The vacant property featured land for another 96 units.

“[The buyers] are very active fractured condo buyers,” Richards says. “They are very active along the southeast. They plan to rent out those units. It made a lot of sense for its cash flow.”

Richards says the investor group has no immediate plans to develop the vacant parcel.

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