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Commercial Real Estate
Business Observer Friday, Sep. 23, 2011 8 years ago

Central Park Realty buys Addison Apartments

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Sarasota-based Central Park Realty Corp. purchased the 41-unit Addison Apartments for $2.3 million.

BUYER: Webber Equities LLC (principals: John Petitti and Ross Bryans), Sarasota

SELLER: 3701 Webber Street LLC

PROPERTY: 3701 Webber St., Sarasota

PRICE: $2.3 million

PREVIOUS PRICE: $6 million, May 2006

LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota

PLANS, DESCRIPTION: Sarasota-based Central Park Realty Corp. purchased the 41-unit Addison Apartments for $2.3 million.

The price equated to $56,098 per unit.

The two-building complex features 40 two-bedroom units and a single one-bedroom unit. Originally built in 1971, the 38,842-square-foot multifamily development was fully renovated in 2008 and backs up to the closed Forest Lakes golf course. It has a single vacant unit.

“We felt it was a great asset to add to our portfolio,” says John Petitti, who partners in Central Park Realty with Ross Bryans. “It was only a block and half from other properties we own [the Pinecrest Arms Condominiums and Beneva Village South]. We've been involved there the last six months working with the existing management company to implement our management style and giving them advice on where to spend money on repairs.”

The new ownership expects its more hands-on management to improve operations.

The purchase entity Webber Equities LLC mortgaged the property to Symetra Life Insurance Co. for $1.73 million.

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