New Jersey investment group buys lender-owned homes, lots

BUYER: J-11 Properties LLC, Oakhurst, N.J.
SELLER: Fifth Third Bank
PROPERTY: lots 1-18, 21, 22, Tracts A and B, Hebblewhite Court and lots 1-28, 33-44, 53-65 and 67-76, Arlington Cove, Englewood
PRICE: $2.45 million
LAW FIRM ON DEED: Glenn Rasmussen Fogarty & Hooker PA, Tampa
PLANS, DESCRIPTION: J-11 Properties LLC, a five-partner investment group based in New Jersey, purchased 20 attached-homes in Hebblewhite Court and another seven attached-homes and 56 lots in Arlington Cove from Fifth Third Bank for $2.45 million, equal to an average of $29,518 per property.

The new ownership, which includes Kurt Scrudato of Pine Island, has hired The BRC Group LLC in Boca Grande to market the properties. As of April 2, the brokerage had 19 of the 27 homes under contract to sellers, according to Brian Corcoran, broker for The BRC Group.

“What this really shows is that if you can offer value, the buyers will come out in force,” Corcoran says. “These units are being purchased as-is, but J-11 Properties understands that some things need to be taken care of before they are move in ready. They’re all being professionally cleaned on the interiors and power washed on the exteriors. We’re going to do substantial work to get the sprinklers working again and following that to fix the landscaping.”
The new ownership also plans to complete the community pool at Arlington Cove. The Arlington Cove home units are being listed for $139.999, and Hebblewhite Court units are being listed for $159,999. All of the homes are 1,579 square feet and have three bedrooms and two bathrooms. The BRC Group plans to start marketing the lots as a portfolio to homebuilders sometime later for a total of $1.12 million, equal to $20,000 per lot.