Canadian subsidiary buys bulk condos

BUYER: 39638 LLC (principal: Barrie W. Romkey), Sarasota

SELLER: CCP Riviera Dunes LLC

PROPERTY: 501 Haben Blvd., various units, Palmetto

PRICE: $5.5 million

LAW FIRM ON DEED: Norton Hammersley Lopez & Skokos PA, Sarasota

PLANS, DESCRIPTION: A U.S. subsidiary of a Canadian firm purchased 44 condos and two penthouses in The Palms at Riviera Dunes for $5.5 million.

The price equated to $119,565 per unit.

The building is the third large Riviera Dunes condo high-rise to be acquired and relisted by a bulk condo buyer. It follows similar sales at the Bel Mare at Riviera Dunes and Laguna at Riviera Dunes.

The buyer, a subsidiary of the Hardman Group, will complete the pool area and fencing around the project. The firm will also create fitness and amenities rooms.

“I come there a couple times a year for pleasure,” Hardman Group President Bill Hardman says. “So when the opportunity came along to buy a completed project in a great location that was well built, it was a natural for us.”

The Hardman Group hired Keller Williams On the Water to sell the units. Most of the condos are listed from $199,000 to $275,000.

The purchase entity 39638 LLC mortgaged the property to SouthEast Personnel Leasing Inc. for $3 million.

Founded in 1965, The Hardman Group develops condos and single-family residential projects in Canada and Florida. The Palms is the company's first project on the Florida Gulf Coast.