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BUYER: Promenade Bradenton LLC (PFC Projects LLC), Williamstown, Mass.
SELLER: WCI Oreo LLC
PROPERTY: 808 Third Ave. W., various units, Bradenton
PRICE: $7.35 million
LAW FIRM ON DEED: Fowler White Boggs PA, Tampa
PLANS, DESCRIPTION: Williamstown, Mass.-based National Land Partners LLC purchased 51 units in The Promenade at Riverwalk for $7.35 million.
The price equated to $144,118 per unit.
The development features a theater room, a workout room and a pool. Wachovia/Wells Fargo previously owned the units.
Michael Emmons, managing partner of the project, says the company was attracted to the project because of the quality of the project and its location. The developer plans to locate some sales people on site and put the units up for sale.
“We are [primarily] a marketing company,” Emmons says. “We bought the condos to turn around sell them. We have the lower basis and an expertise in marketing that most firms don't have. ”
Earlier this year, National Land Partners purchased a 36-unit condominium building and additional vacant land in the Preserve at Bal Harbor for $1.25 million. It plans to put both properties on the market in the next few weeks.
“[Bal Harbour] was a mess; we needed to clean it up and spend money on things like landscaping and finish the units,” he says. “This one was already finished.”
The purchase entity Promenade Bradenton LLC mortgaged the property to First Federal Bank of Florida for $4.41 million and to NLP Finance LLC for a $3.75 million in a second mortgage.
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