Siesta Sunset Royale buys 7-unit rental complex

BUYER: Siesta Sunset Royale LLC (principals: Paul and Nan Parr), Sarasota

SELLER: Myrel Gordon

PROPERTY: 5322 Calle De La Siesta, Sarasota

PRICE: $800,000

PREVIOUS PRICE: $1.02 million, October 1999

TITLE FIRM ON DEED: Sarasota Title Services Inc., Sarasota

PLANS, DESCRIPTION: Siesta Key resident and investor Paul Parr purchased the seven-unit former Siesta Sunset Beach House for $800,000.

The price equated to $114,286 per unit.

Parr, who rents out a Siesta Key Royale Penthouse condo a few blocks away, purchased the vacant development to fix up and rent.

The 11-year-old vacation rental complex features a pool and spa. It houses two efficiencies, two one-bedroom units, two two-bedroom units and a penthouse suite.

“It needs some maintenance,” Parr says. “There were some plumbing leaks, and we'll be making sure those are resolved. The rooms will be getting new furniture. We're working on the final touches.”

Parr plans to rename the resort the Siesta Sunset Royale beach house.

Josh Beckman of Beckman Properties represented the buyer and Michele Fuller and Jag Grewal of Ian Black Real Estate represented the seller.

The purchase entity Siesta Sunset Royale LLC mortgaged the property to Gabbert Investments Group LLC for $600,000.