FL Banyan Trail buys, rents Savannah Trace

BUYER: FL Banyan Trail LLC, Sarasota
SELLER: 21 Century Savannah LLC
PROPERTY: 4049 and 4053 Maceachen Blvd., Sarasota
PRICE: $3.61 million
PREVIOUS PRICE: $8.2 million, May 2006
LAW FIRM ON DEED: David H. Rosenberg Esq., Sarasota
PLANS, DESCRIPTION: Sarasota businessmen Fred Cochran and Larry Starr purchased the 82-unit former Savannah Trace apartments on Maceachen Boulevard south of Bee Ridge Road and east of South Beneva Road for $3.61 million. The purchase price equates to an average of $44,000 per unit. The previous owner unsuccessfully attempted to convert the apartment complex to condominiums. The new owners will rent out the complex as the Banyan Trail Apartments.