Silkwood Realty buys Villa Palma

BUYER: Silkwood of Sarasota Realty LLC (principal: Robert Lesser), Longboat Key

SELLER: Villa Palma of Sarasota Inc.

PROPERTY: 8902-8999 Silkwood Court, Sarasota

PRICE: $1.37 million

PREVIOUS PRICE: $4.05 million, March 2006

LAW FIRM ON DEED: Fergeson, Skipper, Shaw, Keyser, Baron & Tirabassi PA, Sarasota

PLANS, DESCRIPTION: A limited liability company led by Robert Lesser of Longboat Key purchased the 18-unit Villa Palma apartment community on Silkwood Court for $1.37 million.

The price equated to $75,833 per unit.

The 32,172-square-foot, nine-building apartment development was built in 1986. All of the units are 1,200 square feet with two bedrooms, two bathrooms and an attached garage. The development was 100% occupied at the time of the sale.

H. David Roth of Re/Max Alliance Group represented the seller and Sue Orton of H3 Management LLC represented the buyer.

“The previous owners, a group from Michigan, tried converting it into condos,” Roth says. “When the condo guys went belly up it went back to the bank. All of the decor has been updated, and the roofs were redone back around 2007. It's in a lovely area.”

The rents were slightly below the market at about $875 to $900 a month.

The purchase entity Silkwood of Sarasota Realty LLC mortgaged the property to Florida Shores Bank Southwest for $900,000.