Toledo Club Apartments bought for $23.53 million

BUYER: Northport Woodspring LLC

SELLER: James Wiechamnn (35% interest), Gallina Brothers LLC (10%), Oak Hollow Investments LLC (2.5%), Timothy Connery (2.5%) and Toledo Club Apartments LLC (50%)

PROPERTY: 3565 Island Club Drive, North Port

PRICE: $23.53 million

PREVIOUS PRICE: $1.36 million, February 2002

LAW FIRM ON DEED: Kevin Martin Esq., Madison, Wis.

PLANS, DESCRIPTION: West Springfield, Mass.-based Aspen Square Management purchased the 346-unit Toledo Club Apartments for $23.53 million.

The price equated to $68,000 per unit.

The Mediterranean-style property features a clubhouse, fitness center, playground, and tennis and volleyball courts. The property was built in two phases, the first in 2003 and the second in 2007.

Jamie May with JBM Florida of Institutional Property Advisors, a Marcus & Millichap company, handled the transaction.

“This was an institutional-grade physical asset in a tertiary location,” May says. “It was a good price, but if it had been in Sarasota, where there were more employment drivers, that same deal would have cost substantially more. It would probably have gone for in the range of $115 to $120 [thousand] a unit.”

Aspen Square Management did not return calls for comment. It owns and operates a number of apartment properties nationwide and along the Gulf Coast, including Cypress Winds of Bradenton, Madison at Largo, Somerset Palms of Naples and Lakes of Tuscana in Port Charlotte.