Hendricks & Partners Negotiates Sale of 336 Unit Sawgrass Cove Apartments in Bradenton for $23.2 Million

BRADENTON, Fla. --- Hendricks & Partners, which ranks as one of the nation’s largest multi-family real estate advisory and research firms, recently negotiated the sale of the Sawgrass Cove Apartments, located at 4801 47th Ave. West in Bradenton.

Cole Whitaker, partner at Hendricks & Partners who heads the Southeast Division of the firm based in Orlando, negotiated the transaction with Associate Partner Hal Warren representing the seller Chicago-based Equity Residential.

The 336-unit apartment property totaling 342,880 square feet was built in 1991, Whitaker said. The units, which are 97 percent occupied, are situated in 21 two-story garden-style buildings on 28.02 acres with tranquil lakes and fountains.

Amenities include resort-style swimming pool, tennis courts and clubhouse with fitness facility and business center.

New York based Atlas Real Estate Partners and Florida based Andover Real Estate Partners doing business as Sawgrass Cove Apartments, LLC acquired the property and plan to immediately upgrade the exterior, interiors, landscaping and amenities.

Half of Luxury Apartments Leased Already at Emerson Plaza Towers II in Altamonte Springs

ALTAMONTE SPRINGS - Emerson International reports it has leased half of the luxury apartment units it opened in February at Emerson Plaza Towers II overlooking the scenic beauty of Cranes Roost Park in Altamonte Springs.

Eric Emerson, vice president and general manager of Emerson International, said lease rates for luxury apartment units in Towers II at Emerson Plaza range from $1,100 per month to $4,000.

Units range from 1,100 square feet of living space to 4,000 square feet, Emerson said.

The gated community offers a secure parking garage, elevators with controlled access, a recreation center, and a fitness center with heated pool and spa. All residences are equipped with granite counters and G.E. stainless steel appliances.

“For security, convenience, majestic views and great location, Emerson Plaza ranks as one of the best choices in the Altamonte Springs area and it’s hard to find anything more appealing in all of Seminole County,” he added.

“Still, we have been surprised at how quickly units are leasing,” Emerson said.
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For more information, contact:
Eric J. Emerson, Vice President and General Manager Emerson International, Inc. 407-834-9560; ejemerson@emerson-us.com; Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142
About Emerson International: Emerson International is a wholly owned subsidiary of The Emerson Group, the global corporation that is one of the largest privately-owned property development companies in the U.K.

Condominium Owners, Investors Should be Wary of Recent Changes to Florida Condominium Law, Says Leading Florida Broker

Condominium Owners, Investors Should be Wary of Recent Changes to Florida Condominium Law, Says Leading Florida Broker

TAMPA, Fla. - Condominium owners and potential investors should pay particular attention to recent changes in Florida’s condominium law, as new options open doors to higher values in an otherwise bottoming market.

Kelly Oliver, investment advisor and multifamily property specialist at Grubb & EllisCommercial Florida, said two of the new changes can offer particularly beneficial opportunities for developers.

“Many condominium communities could fall under what is generally called ‘fractured condo’ status,” Oliver said.

A ‘fractured condo’ occurs when a rental apartment community is converted to condominium status, but too many units remain unsold.

“That’s happened all over Florida,” Oliver said. Recent changes in the condominium law allow 80 percent of unit owners in a community to restructure condominiums as fee-simple rental apartments, which could offer higher value and tax advantages too, Oliver explained.

But fractured condo status has several pitfalls, Oliver warned.

“Unit owners should be aware of all the requirements,” Oliver said. Control over the condominium association and qualification of owners as ‘developers’ under Florida law are crucial to reconverting condominiums into rental apartments, she explained.

“In some cases, it is advantageous to consider conversions to a rental community, but the process is complex and must be followed carefully so as not to jeopardize the interests of the unit owners,” Oliver said.

About Grubb & Ellis:
Grubb & Ellis Company (NYSE: GBE) is one of the largest and most respected commercial real estate services and investment companies. With more than 130 owned and affiliate offices worldwide, Grubb & Ellis offers property owners, corporate occupants and investors comprehensive integrated real estate solutions, including transaction, management, consulting and investment advisory services supported by proprietary market research and extensive local market expertise.

Grubb & Ellis and its subsidiaries are leading sponsors of real estate investment programs that provide individuals and institutions the opportunity to invest in a broad range of real estate investment vehicles, including tax-deferred 1031 tenant-in-common (TIC) exchanges; public non-traded real estate investment trusts (REITs) and real estate investment funds. As of September 30, 2008, more than $3.8 billion in investor equity has been raised for these investment programs. The company and its subsidiaries currently manage a growing portfolio of more than 225 million square feet of real estate. In 2007, Grubb & Ellis was selected from among 15,000 vendors as Microsoft Corporation's Vendor of the Year. For more information regarding Grubb & Ellis Company, please visit http://www.grubb-ellis.com/.

For more information, contact:
Kelly Oliver, Grubb & EllisCommercial Florida, 813-639-1111 Ext 262
Jeffrey Sweeney, Grubb & EllisCommercial Florida, 407-481-5387
Larry Vershel, Larry Vershel Communications, 407-644-4142