Northeastern multifamily investors buy Citrus Meadows Apartments

BUYER: Cryptical Development LLC, Randolph, N.J.

SELLER: RBN Investment Fund LLC

PROPERTY: 1591 E. 19th St. Court, Bradenton

PRICE: $6.75 million

PREVIOUS PRICE: $600,000, December 1989

LAW FIRM ON DEED: Broad and Cassel, Orlando

PLANS, DESCRIPTION: Investors Eric Richelson of White Plains, N.Y., and Martin Geller of Randolph, N.J., purchased the 200-unit Citrus Meadows Apartments for $6.75 million.

The price equated to $33,750 per unit.

The two-story apartment complex features a mixture of one-, two- and three-bedroom apartment units and a playground, laundry facility and a barbecue and picnic area. The 25-building development was originally built in 1991. The property was 88% occupied at the time of the sale.

“First of all, we like Manatee County and Bradenton,” says Richelson. “We like that market. It seems to be a quiet property in a pretty decent residential neighborhood. The owner before us was a contractor, who did a lot of work on it himself. It has new roofs and siding. A couple of the units were down and he did the work to renovate them.”

Richelson says he and his partner are long-term multifamily investors that plan to hold the property for the next 10 to 15 years. Richelson owns the Farrington apartments in Clearwater and Geller owns another apartment complex in Plant City.
The purchase entity mortgaged the property to Valley National Bank for $6.75 million.