New Jersey investor group buys six Grand Oak Preserve condos

BUYER: J-6 Properties LLC, Sea Bright, N.J.

SELLER: Milwaukee Investments LLC

PROPERTY: 5203, 5219 and 5205 Manorwood Drive and addition units all also known as units 2-B, 4-B, 2-C, building 3; and units 3-B, 4-B and 4-C, building 8, Grande Oaks Preserve condominium, Sarasota

PRICE: $870,000

PREVIOUS PRICE: $2.5 million, December 29, 2009

LAW FIRM ON DEED: Pennington Moore Wilkinson Bell & Dunbar PA, Tallahassee

PLANS, DESCRIPTION: J-6 Properties LLC, a four-person partnership of investors from New Jersey, Philadelphia and Fort Myers, purchased six condo units in the Grande Oaks Preserve at the southwest corner of Honore Avenue and Desoto Road. The $870,000 purchase price equated to $145,000 per unit.

“These are very well built units and Sarasota is a great location,” says Kurt Scrudato, one of the investors. “We felt that the bang for buck we could offer customers reselling the units would be an incredible value. These units are turn-key ready.”

The units feature granite countertops and tile floors and start at 1,800 square feet, according to Scrudato. He estimates the units will retail for between $240,000 and $270,000.

The complex features a fitness center, lighted clay tennis courts, a heated pool and two spas.

The partnership is best known locally for buying bank-owned residential properties. Early last year it purchased 20 attached-homes in Hebblewhite Court and another seven attached-homes and 56 lots in Arlington Cove in Englewood for $2.45 million. Then in the fourth quarter of 2009, the “J” branded partnership bought nine townhomes in Villas Del Sol in Tampa for $1.69 million.