Beneficial Communities buys land for future Fruitville Road apartments

BUYER: Le Sereno LLC (managers: Stephan Gietl, Fernando Levy Hara, Thomas Settle and Donald Paxton), Aventura
SELLER: IberiaBank
PROPERTY: 50 and 80 Paramount Drive, Sarasota
PRICE: $1.9 million
PREVIOUS PRICE: $1.5 million October 2003 and $400,000, April 2005
LAW FIRM ON DEED: Adams and Reese LLP, Sarasota

PLANS, DESCRIPTION:
Sarasota-based Beneficial Communities purchased 8.87 acres of vacant land between the Target Shopping Center and Osprey Commerce Center for $1.9 million.

The price equated to $214,205 per acre.

The buyer plans to create a 282-unit luxury apartment community on the site. It hopes to start construction in the second quarter.

“We felt it was a great apartment site,” says Tom Settle, project partner. “It's surround by employment and retail destinations. You can walk to restaurants or retail and banking. There's a proximity to I-75 and a straight shot to downtown.”

Dallas-based Humphreys & Partners Architects LP designed the project. The development will be built to take advantage of the park's existing central pond and will include a swimming pool and fitness center.

Mike Migone and Clint Conway, both with Sperry Van Ness Commercial Advisory Group, handled the transaction. Migone says the sale further solidifies the renewed activity for undeveloped parcels on Fruitville Road near the interstate and The Mall at University Town Center.

Beneficial Communities, its partners and affiliates have completed more than 150 affordable and market-rate housing projects with more than 26,000 units.

The purchase entity, Le Sereno LLC, mortgaged the property to Vesta Mortgage Holdings LLC for $1.5 million.