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BUYER: Enclave At Sabal Pointe LLC (principal: Terry Wellons), Miami Gardens
SELLER: Fl-Enclave Sabal Pointe LLC
PROPERTY: 2148 54th Ave. S., St Petersburg
PRICE: $4.12 million
LAW FIRM ON DEED: Berman Rennert Vogel & Mandler PA, Miami
PLANS, DESCRIPTION: Miami Gardens-based NRI Investments purchased 170 condos in the Enclave at Sabal Pointe for $4.12 million.
The price equated to $24,212 per unit.
Units in the development were selling for between $140,000 and $160,000 at the height of the boom. The complex includes a clubhouse, a fitness center, a playground and two pools.
NRI Investments plans to renovate the units, with a budget of more than $1 million.
“We think we can make them even that much better,” says Roy Binshtok, NRI Investments' project manager. “It has been neglected for a long time. We will be replacing things that have worn out like the roofs, along with cosmetic things.”
Binshtok adds that the complex's location, near highways, is a bonus.
The units mark NRI Investments' first purchase on Florida's Gulf Coast. NRI Investments is a private real estate investment, management and development company, which owns primarily South Florida properties.
The purchase entity Enclave At Sabal Pointe LLC mortgaged the property to KAWA Realty Ventures LLC for $4.4 million.
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