Cortland Loan Service buys 32 Sea Pines units

BUYER: Cortland Loan Service LLC (Cortland Realty Investments LLC and Cortland Holdings LLC), St. Petersburg

SELLER: Grow Financial Federal Credit

PROPERTY: 7911 and 8001 Augusta Blvd., Hudson

PRICE: $1.73 million

LAW FIRM ON DEED: Kass Shuler PA, Tampa

PLANS, DESCRIPTION: The real estate venture fund Cortland Loan Service LLC purchased an additional 32 townhome units in the Sea Pines apartment complex for $1.73 million.

The price equated to $53,906 per unit.

The purchase was Cortland Loan Service LLC's third acquisition in the complex over the past 18 months.

The company now owns the apartment's 150 units and its clubhouse and pool. The units were 97% occupied at the time of the sale.

“This was a very unusual case,” says Rob Kilgo, principal of Cortland Loan Service LLC. “I've never seen it where a single property has so many mortgages on sections of it. We are bringing [the ownership] back together. There are still a couple pieces we don't own out there including a golf-cart storage facility, but we don't necessarily need it.”

The first 34 units in the development were built in the late '80s. A second phase of 50 townhome units were added in 2005 and a final 60 units were built in 2007.