Kravinsky buys Garden Grove Apartments

BUYER: Lindy-Zell Garden Grove LLC (principals: Zell Kravinsky and Alan Lindy), Jenkintown, Pa.

SELLER: FirstBank Puerto Rico

PROPERTY: 5715 Granada Drive Sarasota

PRICE: $6.55 million

LAW FIRM ON DEED: Holland & Knight LLP, Miami

PLANS, DESCRIPTION: Prominent Philadelphia real estate investor Zell Kravinsky purchased the Garden Grove Apartments in Sarasota for $6.55 million.

The price equated to $32,750 per unit.

Ashley Bloom and J. Chris Malkin of Sperry Van Ness Commercial Advisory Group in Sarasota represented the buyer, who is a principal with Jenkintown, Pa.-based Lindy Property Management. Cushman and Wakefield in Tampa represented the seller, FirstBank Puerto Rico.

The 200-unit apartment complex was only 84% occupied at the time of the sale because roughly 30 of the units needed repair and were uninhabitable.

“The bank felt it had stabilized the occupancy and it didn't want to spend any more money,” Malkin says. “It had deferred maintenance. There were plumbing problems and electrical issues. This is not a short-term investment for [the buyers]. That said, this is a very good deal for them. It's on Clark Road, a couple miles from Siesta Key. It screams location.”

Lindy Communities primarily owns and operates rental communities in Philadelphia and its eastern suburbs.