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BUYER: Palms at Waters Edge LLC (PFC Projects LLC), Williamstown, Mass.
SELLER: Redus Florida Condos LLC
PROPERTY: 3322 N. Key Drive, North Fort Myers, various units
PRICE: $4.3 million
PREVIOUS PRICE: $9.3 million, November 2005
LAW FIRM ON DEED: Lowndes Drosdick Doster Kantor & Reed PA, Orlando
PLANS, DESCRIPTION: Naples-based Patton Sales and Marketing LLC purchased 82 condos at Palms at Waters Edge for $4.3 million.
The price equated to $52,439 per unit.
The 165,072-square-foot condo development sits next to the Caloosahatchee River. It was originally built in 1974 and last renovated in 2006 and 2007. The 92-unit complex features a clubhouse, a waterfront swimming pool and a boardwalk.
Jason Stanton and John Stone of he Clearwater office of Colliers International - Tampa Bay represented the seller. Jon Foege, broker and project manger for Patton Sales and Marketing, represented the buyer.
“It's on the water and the previous developer did much of the heavy lifting,” Foege says. “He replaced the units basically from the studs out with new kitchen cabinetry, stainless-steel appliances, new tubs, sinks and A/C units.”
The prior developer sold 10 condos in the complex during the residential collapse. An entity of Wachovia Bank eventually foreclosed on the property.
Foege has started to list condos in the complex for sale. Units start at $69,900.
Patton, meanwhile, plans to make minor improvements to the units and the complex. It plans to enhance the landscaping with more than 500 plants and flowers, reseal the parking lot and complete some deferred maintenance.
Patton is also behind several other restoration projects statewide, including Fairway Terraces in Naples; 40 condo units on Cape Sound in Amelia Island; and 126 units at The Cottages at Winding Creek in St. Augustine.
The purchase entity Palms at Waters Edge LLC mortgaged the property to BRT Realty Trust for $3.23 million. It also received a second mortgage from NLP Finance LLC for $2 million.