Summer Grove Condominiums, an 80-unit apartment complex in Sherwood Forest, sold for $3.5 million—or $43,750 per unit—in a deal that was filed Friday afternoon.
Viking Global Ventures Inc., based out of Sarasota, Florida, sold the apartment complex, on Florida Boulevard near Flannery Road, and a lot behind it to Orlando-based GMGC Ventures LLC.
The property has 17 one-bedroom units and 63 two-bedroom units, all of which were occupied at the time of the sale. Twenty of the property’s units flooded in August 2016.
The new owners will continue operating the property as apartments, says Michelle Ruston, of Ruston Properties, who represented both the seller and the buyer in the transaction.
The complex was posted for sale on the Louisiana Commercial Database at $5 million in November 2016. The price was reduced to $4.25 million in May 2017 and $3.99 million in January.
The complex, built in the early 1970s, operated as an apartment complex until 2008 when the owners renovated the property in an attempt to market the units as condominiums. After selling just eight units, Ruston says the housing bubble prompted the property owners to repurchase the condos, returning the complex to apartments.
