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Focus Hospitality Group buys DeSoto Village

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  • | 8:04 p.m. November 18, 2011
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  • Manatee-Sarasota
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BUYER: Focus Bradenton LLC (FL-TX MF 1 LLC), La Jolla, Calif.

SELLER: Bradenton Apartment Properties LLC

PROPERTY: 3810 E. Fifth St., Bradenton

PRICE: $4.65 million

PREVIOUS PRICE: $5.6 million, July 2007

LAW FIRM ON DEED: Macfarlane Ferguson & McMullen, Clearwater

PLANS, DESCRIPTION: La Jolla, Calif.-based Focus Hospitality Group purchased the 92-unit DeSoto Village Apartments for $4.65 million.

The price equated to $50,501 per unit.

The seller, an investment firm led by Benjamin Mallah of Largo, also sold Sterling Lakes, Cedar Trace and Ashley Oaks in Tampa, and Brandon Palisades in Brandon, to the California firm.

Calls to the firm were not returned prior to publication.

The 100,926-square-foot, low-rise garden apartment complex was built in 1975, according to real estate research firm the CoStar Group. It includes 84 two-bedroom, two-bathroom units and eight two-bedroom, 1.5-bathroom units. Amenities include a pool, and laundry facilities.

The purchase entity Focus Bradenton LLC mortgaged the property to Centerline Mortgage Capital Inc. for $3.12 million.


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