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BUYER: Burrows Financial Group LLC (principal: Stephen Been), Atlanta
SELLER: Atreus Communities of South Florida Inc. fka Homelife Communities of South Florida Inc.
PROPERTY: 415 11th Ave. S., Naples
PRICE: $2.59 million
PREVIOUS PRICE: $3.45 million, April 2006
LAW FIRM ON DEED: Tama K. Retherford Esq., Atlanta
PLANS, DESCRIPTION: Burrows Financial Group LLC purchased a third of an acre for $2.59 million.
The sale is partially a transaction between family members: Atreus Communities of South Florida Inc., owned by Sharon Walker, Jonathan Been and Shawn Tokanel, sold the land to Atlanta-based Burrows Financial Group, which is owned by Been's father, Stephen Been.
The plan is to now develop a four-unit townhome complex on the land called Old Royal Poinciana Cottage. Construction has already started and is scheduled for completion by April 2011.
Units will average 2,900 square feet and will be sold from $2.25 million to $2.35 million.
“Eleventh Avenue is known as Cottage Row,” says Jim Elson, a Realtor with John R Wood Realtors who is marketing the property. “We are building a new building paying homage to the older style homes. All the newer inventory has been sold off there.”
Each of the two-level villas will have a private lanai with a spa and sundeck, a two-car garage and a private elevator. The complex also features a large community pool.
Atreus Homes and Communities previously developed two Old Naples townhome communities: the Flamingo Hideaway and the Residences of Old Naples.
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