Maryland entrepreneur buys Catalina Apartments

BUYER: Citadel Apartments of Sarasota LLC (principal: Aris Mardirossian), Venice
SELLER: SM-Catalina LLC
PROPERTY: 2023 and 2045 Hyde Park St., Sarasota
PRICE: $1.6 million
PREVIOUS PRICE: $1.68 million, November 2007
LAW FIRM ON DEED: Klingbeil & Roberts PA, Venice

PLANS, DESCRIPTION: A purchase entity led by prominent Maryland inventor and businessman Aris Mardirossian purchased the 24-unit Catalina Apartments for $1.6 million.

The price equated to $66,667 per unit.

Built in 1974, the apartment complex was fully occupied at the time of the sale. The 0.66-acre property features two buildings with a total of 15,866 square feet. Units range in size from 627 to 916 square feet.

Ian Black and Steve Horn of Ian Black Real Estate represented the seller and Troy Sacco of Generous Property represented the buyer.

“It is in a great location,” says Horn. “There was a little bit of deferred maintenance that the buyers are going to take care of.”

Mardirossian is best known as the owner of Technology Patents LLC, a company that holds than 50 technology patents. Mardirossian has invented technologies to arm or disarm land mines, handle satellite traffic control and track and intercept incoming missiles. He also owns convenience stores, restaurants and construction and real estate businesses.

The purchase entity, Citadel Apartments of Sarasota LLC, mortgaged the property to Branch Banking and Trust Co. for $1.2 million.