Venice Arlington Cove LLC buys most of Arlington Cove

BUYER: Venice Arlington Cove LLC, Toronto, Canada

SELLER: J-11 Properties LLC

PROPERTY: lots 1-28, 33-44, 53-62 and 69-74, Arlington Cove, Englewood

PRICE: $392,000

PREVIOUS PRICE: $2.45 million (includes additional property), March 2009

TITLE FIRM ON DEED: Riddell Title & Escrow LLC, Venice

PLANS, DESCRIPTION: A Toronto investment firm called Venice Arlington Cove LLC has purchased 50 home lots in Arlington Cove in Englewood from J-11 Properties LLC for $392,000. The purchase price equated to an average of $7,840 per home lot.
In March, New Jersey-based investment group J-11 Properties 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. J-11 Properties hired Brian Corcoran, broker for The BRC Group in Boca Grande to market the properties.
“It is selling really fast,” Corcoran says. “We sold the seven completed [attached homes] to different individuals. People have closed on 16 of the units in Hebblewhite and that should be sold out in 30 days. We all had a felling it would go quickly, but we figured it would take a year or more. Now, I’m thinking more like three months.”
Low prices drove the quick sales, Corcoran says. He estimates that the lots and attached homes were sold off for nearly half of their previous market price.
Corcoran says, J-11 Properties early success has made it push up its plans to invest in additional REO property.