Condo Capital buys, resells 53 units

Condo Capital buys, resells 53 units

BUYER: CCS-Bel Mare LLC (principals: Peter Wells, Sharon Eshima and Marcel Arsenault), Louisville, Colo.

SELLER: The Huntington National Bank

PROPERTY: 140 Riviera Dunes Way, various units, Palmetto

PRICE: $6.4 million

LAW FIRM ON DEED: Stearns Weaver Miller Weissler Alhadeff & Sitterson PA, Tampa

PLANS, DESCRIPTION: Denver-based condominium turn-around company Condo Capital Solutions has purchased the 53 remaining units in the 124-unit, two-building Bel Mare Condominiums at Riviera Dunes for $6.4 million.

The purchase price equated to $120,755 per unit. Huntington National Bank had acquired the units back from developer Corvus International following a foreclosure auction in November.

“Condo Capital Solutions saw this as an opportunity to expand its presence in Florida and to bring its financial strength, 25 years of real estate turn-around expertise and a successful marketing approach to the marketplace,” Peter Wells, a principal in CCS, says in a press release.

CCS has committed to fully funding the condominium's homeowner's association for the units it now owns, and will add an additional $50,000 to the association to improve its financial stability.

Originally priced from $435,000 to $1.4 million, the remaining residences, ranging in size from 1,847 to 3,871 square feet, are now priced for sale from $140,000 to $770,000.

Michael Saunders & Co.'s new homes division is marketing the condo units for CCS.

Condo Capital Solutions expects to grow its portfolio of properties in Florida by an additional $250 million in condo and residential projects in the next three years. It purchased the remaining 107 units at Ocean's Edge Condominiums in Jacksonville Beach in September. The company is involved in projects in Arizona, Colorado, Florida, Texas and Wyoming.