Sarasota's Fox, Shoemaker buy The Beach Club on Siesta

BUYER: FL Beach Club Siesta LLC (principals: Lawrence Fox and David Shoemaker), Sarasota

SELLER: Beach Club at Siesta Development LLC

PROPERTY: 6732 Sarasea Circle, Siesta Key

PRICE: $6.26 million

PREVIOUS PRICE: $6.77 million, March 2008

LAW FIRM ON DEED: Dunlap & Moran PA, Sarasota

PLANS, DESCRIPTION: Sarasota investor Larry Fox and David Shoemaker, founder of the eyecare medical practice Center for Sight, purchased the 29-unit The Beach Club on Siesta Key for $6.26 million.

The price equated to $215,517 per unit. The 2-year-old property features a heated swimming pool, hot tub and private beach access.

While the sale was described as distressed, the former owner sold it, not the lender.

“We like the location and the fact that it was the only new construction on Siesta with weekly rentals,” Fox says. “It sits right next to the new Hyatt [Siesta Key Beach]. We also think the purchase price was a good bargain.”

RVA, a ResortQuest Affiliate, will manage the property for the new ownership.