Avesta Homes buys Sarasota's Fairway Crossing Apartments

BUYER: 3890 Greenway LLC (Avesta Real Estate Holdings LLC), Tampa

SELLER: Fairway Crossing Apartments LLC

PROPERTY: 3890 Greenway Drive, Sarasota

PRICE: $4 million

PREVIOUS PRICE: $2.52 million, February 2003

LAW FIRM ON DEED: Sandy Alan Levitt PA, Sarasota

PLANS, DESCRIPTION: Tampa-based Avesta Homes purchased the 130-unit Fairway Crossing Apartments for $4 million.

The price equated to $30,769 per unit.

Built in 1972 and 1973, the 105,664-square-foot development occupies a 6.4-acre site.

Calls to Avesta Homes for comment were not returned prior to deadline and the phone number for Fairway Crossing Apartments has since been disconnected.

Avesta Homes has been one of the most aggressive buyers of Gulf Coast multifamily property since the real estate market crash. Most recently, it purchased the 176-unit Woodlawn Park in St. Petersburg for $2.77 million, 119-unit Sunrise Villas multifamily community in Sarasota for $2.1 million and a 43-unit portfolio of three apartment properties in New Port Richey for $1.18 million. It also owns the 120-unit Southern Oaks apartment in Tampa, 193-unit Treesdale Condominiums in Bradenton and 187-unit Fredericksburg Apartments in Tampa.

The purchase entity 3890 Greenway LLC mortgaged the property to Branch Banking and Trust Co. for $3.49 million.