Atlantic Housing Partners buys back multifamily land

BUYER: Rolling Green Investment Partners LLLP (principals: Paul Missigman, W. Scott Culp and Tricia Doody), Winter Park

SELLER: SunTrust Bank

PROPERTY: corner of Myrtle Street and Tuttle Avenue, Sarasota

PRICE: $670,000

PREVIOUS PRICE: $4.78 million, September 2005

LAW FIRM ON DEED: Hill Ward Henderson, Tampa

PLANS, DESCRIPTION: Winter Park-based Atlantic Housing Partners LLLP purchased 13.2 acres next to the Rolling Green Golf Course for $670,000.

The price equated to $50,758 per acre.

Tony Veldkamp of Michael Saunders & Co. represented the seller, SunTrust Bank. Jim Russell of Russell Realty Co. and Jag Grewal and Michele Fuller of Ian Black Real Estate represented the buyer.

The property, vacant multifamily land, is zoned for up to nine units per acre or 118 units total.

The purchase marks Atlantic Housing's return to the property. A similar ownership group, at the time known as Rolling Green Partners Ltd., sold the property to Lakeside Sarasota LLC in 2005 for $4.78 million, or $362,121 per acre.

“They were buying it back a deep discount,” Grewal says.

Atlantic Housing Partners officials couldn't be reached for comment. The firm develops affordable multifamily communities. Its entities have developed 106 communities with a total of 23,428 units.