Two investors buy, improving Mermaid Manor

BUYER: Mermaid Manor LLC (principals: Ann Ball and Harold Crye), Memphis, Tenn.

SELLER: 3720 14th Street LLC

PROPERTY: 3720 14th St. W., Bradenton

PRICE: $1.2 million

PREVIOUS PRICE: $89,000, November 2011

LAW FIRM ON DEED: Barnett Bolt Kirkwood Long & McBride PA, Tampa

PLANS, DESCRIPTION:Ann Ball of Maumelle, Ark., and Harold Crye of Memphis, Tenn., purchased the Mermaid Manor mobile home park for $1.2 million.

The price equated to $15,190 per lot.

The 79-lot, former Friendly City community is about 82% occupied (65 occupied units). The community also features two functional but unoccupied mobile homes.

Sam Watkins of Coldwell Banker Commercial NRT represented the seller and Bruce Ginsberg of Coldwell Banker represented the buyer.

“These are investors that were looking for income-producing properties,” says Ginsberg. “They liked the return on investment, but they also plan to improve it. This is a long-term investment for these folks, and they want to give it a good family atmosphere that people will enjoy living in.”

The new owners plan to improve the rec center, office and landscaping and eventually to build a barbecue area and playground, Ginsberg says.