Brooklyn's Read Property Group buys Belmont Park apartments

BUYER OF SUBLEASE: Belmont Park Apartments Bradenton LLC (principal: Robert Wolf), Brooklyn, N.Y.
SELLER OF SUBLEASE: Belmont Park Apartments Inc.
PROPERTY: 4300 18th St. W., Bradenton
PRICE: $8.82 million

BUYER: Belmont Park Apartments Bradenton LLC, Brooklyn, N.Y.
SELLER: Michelle Diener as trustee of the Sainer Irrevocable Trust
PROPERTY: 4300 18th St. W., Bradenton
PRICE: $300,000

BUYER: Belmont Park Apartments Bradenton LLC, Brooklyn, N.Y.
SELLER: Belmont Park Apartments Inc.
PROPERTY: 4000 and 4214 W. 18th St., Bradenton
PRICE: $244,571
PREVIOUS PRICE: $2.68 million, December 1995
LAW FIRM ON DEED: Burr & Forman LLP, Tampa

PLANS, DESCRIPTION:
Brooklyn, N.Y.-based Read Property Group LLC purchased the 234-unit Belmont Park apartments for $9.36 million.

The price equated to $40,000 per unit. That figure is less than the average price per unit ($70,803) for multifamily space in the Tampa Bay area, according to the CoStar Group.

The 186,000-square-foot Belmont Park was built in 1971. It features 11 three-story buildings, a rental office building, swimming pool and two laundry facilities across 7.95 acres. The property includes 96 one-bedroom/one-bathroom, 82 two-bedroom/one-bathroom and 54 two-bedroom/two-bathroom units.

It was about 90% occupied at the time of the sale.

Nicholas Meoli and Michael Donaldson of Marcus & Millichap's Tampa office handled the transaction.

“It's a C [level property] right now, but the buyer is planning to do a major rehab to bring it up to a B or B-,” Meoli says. “They're going to do a lot of interior work on the units and completely renovate the common areas.”

The buyer did the transaction as part of a 1031 tax-deferred exchange.

The purchase entity, Belmont Park Apartments Bradenton LLC, mortgaged the property to KeyBank National Association for $8.7 million.