New York investors buy Cortez Apartments

BUYER: 23-25 First Realty Corp. (principals: John and Michele Pugliese), New Rochelle, N.Y.

SELLER: Tony Markoutsis

PROPERTY: 4507 Ninth St. W., Bradenton

PRICE: $4.6 million

PREVIOUS PRICE: $6.2 million, November 2007

LAW FIRM ON DEED: Kaklis Venable & Witt PA, Bradenton

PLANS, DESCRIPTION: New Rochelle, N.Y., apartment owners John and Michele Pugliese purchased the 84-unit Cortez Apartments for $4.6 million.

The price equated to $54,762 per unit.

The three-building apartment development features a pool and a meeting room. It was 97% to 98% occupied at the time of the sale.

All of its roofs were redone in 2005, and the facility was repainted in 2008.

The transaction was performed as a 1031 tax-free exchange.

David Roth of Re/Max Alliance Group represented the seller and Warren Segraves of Downing-Frye Realty Inc. represented the buyer.

Roth says the rents were at or slightly below the market.

“Their goal is that, as leases roll over, to repair, re-floor and remodel the units and bring them up to market rent levels,” says Segraves.

The Puglieses, who are part-time Naples residents, own and manage a number of apartment complexes in New York State.