Blue Star Briar buys 144 units

Blue Star Briar buys 144 units

BUYER: Blue Star Briar LLC (principal: Moshe Schwartz), Aventura

SELLER: Bryn Mawr 244 Delaware LLC

PROPERTY:144 units in Briar Landing at the Enclave, 7701 Davis Blvd., Naples

PRICE: $3.5 million

LAW FIRM ON DEED: Greenberg Traurig PA, Miami

PLANS, DESCRIPTION: Blue Star Briar LLC, a company headed by Miami-area real estate investor Moshe Schwartz, purchased 144 units in the 240-unit Briar Landing at the Enclave condominium development for $3.5 million.

The purchase price equated to $24,306 per unit. The new owner plans to further improve the property and resell the units.

“We probably looked at 60 or 70 properties and this is one of the nicest,” Schwartz says. “We felt it had good potential and a nice environment. It had very, very few delinquencies, less than 10%. It was producing income and there were no [homeowner's association] problems. Those low delinquencies means the HOA has been better able to maintain the property compared to many others we looked at.”

The property features a clubhouse, swimming pool and fitness center.

Having already installed on-site property management company S3, Schwartz expects to start marketing the units in the next three months.

Schwartz has invested in several apartment and condominium projects in California and along Florida's east coast.

Blue Star Briar mortgaged the property to Tanscapital Bank for $2.5 million.