South Dakota family buys Ridge Gardens apartments

BUYER: The James D. Owen Trust (6.72%), The Lillian M. Owen Trust (4.99%), The DeLaine M. Owen Trust (3.81%) and Gary and Linda Owen (84.48%), Watertown, S.D.
SELLER: Berlin Properties II LLC and Gracen Associates LLC
PROPERTY: 3001 Bee Ridge Road, Sarasota
PRICE: $2.62 million
PREVIOUS PRICE: $1.95 million, January 2013
LAW FIRM ON DEED: Blalock Walters PA, Bradenton

PLANS, DESCRIPTION:
Three trusts controlled by the Owen family and Gary and Linda Owen of Watertown, S.D., purchased the 48-unit Ridge Gardens apartments for $2.62 million.

The price equated to $54,625 per unit. That figure is less than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.
The property consists of two, two-story concrete-block buildings on a 1.24-acre parcel. Built in 1964, the apartment feature 42 one-bedroom/one-bathroom units and six two-bedroom/one-bathroom units. Amenities include a swimming pool, storage units and a laundry facility.

It was 100% occupied at the time of the sale.

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

“This was a very stable property,” Meoli says. “Partially this was because of the location, but also because some of its rents are a little below the market. The quality of the property also needs to be upgraded.”