Sarasota investors Cotner, Alogna buy two Longboat villa buildings

BUYER: CB Cotner Trust 2004 and the JM Alogna Trust

SELLER: Twin Shores Mobile Home Owners Association Inc.

PROPERTY: 3740 Gulf of Mexico Drive, Longboat Key

PRICE: $285,000 and $750,000

PREVIOUS PRICE: $3.6 million, February 1998

PLANS, DESCRIPTION: Carol Beth Cotner and John Alogna of Sarasota purchased two multifamily villa buildings on the Twin Shores boat basin for a total of $1.01 million.

The price equated to $126,000 per unit.

The northern most of the two 1950s-era buildings was fully renovated in 2006 and has four rentable residential units. The southern building, which originally had four units as well, was sold as an unfinished building shell.

“They're beautiful villas,” Cotner says. “We were able to get four brand new villas on Longboat, which is a prime place to own property. We have hired a contractor who will be drawing up plans for the commission [for improvements to the second building]. Our rough estimate is by February we hope to have it completed.”

Marni Hayden of My Realty Co. represented the buyer and Dia Wilson of Barrier Island Realty represented the seller. Hayden has also been retained to market the villa units for lease or sale.