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Central Park Realty buys 39 condos
BUYER: Beneva Holdings LLC, Sarasota
SELLER: The Wentzel Family Limited Partnership
PROPERTY: Pinecrest Arms condominium, 3400 Beneva Road, units 111-113, 121-123, 211-215, 221-225, 311-315 and 321-325 and Beneva Village, 3700 Beneva Road, units 601-613, Sarasota
PRICE: $2.04 million
LAW FIRM ON DEED: Williams Parker Harrison Dietz and Getzen, Sarasota
PLANS, DESCRIPTION: The Sarasota-based residential and commercial real estate firm Central Park Realty Corp. purchased 26 units in the Pinecrest Arms condominium and 13 units in Beneva Village for a total of $2.04 million.
The two properties adjoin each other near Pinecrest Street and Beneva Road north of the Bee Ridge Road intersection. The purchase price equated to $52,179 per unit. All but three of the units were occupied and cash flowing.
“We are already landlords in town and were just looking to expand our real estate portfolio,” says Ross Bryans, president of Central Park Realty. “We wanted more residential because that's what seems to be more stable right now. We were attracted to these properties because of the past ownership — the prior owner kept them in immaculate condition. They also have very stable tenants.”
The buyers also purchased the property because of areas of the condominiums, according to Bryans.
The two properties have concrete structures and feature a pool and covered parking.
The purchase entity mortgaged the property to the former owner The Wentzel Family Limited Partnership for two loans totaling $1.49 million.
Central Park Realty Corporation is well known for marketing condominiums and condominium conversions. Since 1995, it has converted and marketed more than 1,500 condominium units. The company is the broker for the 180-unit Central Park Two Condominiums, 90-unit Central Park One and converted 70-unit Citywalk Condominiums.
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