Longboat Key investor buys Hillview Garden Apartments

BUYER: My Hillview LLC (principal: Robert Lesser), Longboat Key

SELLER: Brazos XV LLC

PROPERTY: 2060 and 2066 Hillview St. and 2059 and 2067 Hyde Park St., Sarasota

PRICE: $715,000

PREVIOUS PRICE: $1.7 million, December 2004 and $500,100, January 2006

LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Sarasota

PLANS, DESCRIPTION: Robert Lesser of Longboat Key purchased the 17-unit Hillview Garden Apartments for $715,000.

The price equated to $42,059 per unit or $65 per square foot.

The 52-year-old multifamily features a total of 10,965 rentable square feet. The property contains 10-unit and four-unit multifamily buildings, a duplex and single-family home.

The seller, an affiliate of American Momentum Bank in Tampa, took the property through foreclosure on October 2011.

Greg Owens of Keller Williams on the Water represented the seller and Sue Orton of H3 Management Services represented the buyer.

“The buyer bought it because of the location,” Orton says. “The value is in the land not, in the existing buildings. It's so close to the hospital and a good employment base. [The buyer] just plans to continue to run it as a multifamily property.”

Orton says based on its current zoning, the property could be redeveloped with up to 35 units.

The purchase entity My Hillview LLC mortgaged the property to American Momentum Bank for $500,000.