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Condo-conversion firm buys two communities

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Staff Tampa Bay Business Journal Sunvest Communities LLC in Hollywood purchased The Grand Venezia at Bay Watch apartments and the remaining 86 units in The Grand Bellagio at Bay Watch, both in Clearwater, for more than $68 million. The Grand Venezia is a 336-unit apartment community. It was purchased for $49 million, or $145,833 per unit. The Grand Bellagio, which currently is undergoing conversion to condominiums, was purchased for more than $19 million, or $222,087 per unit. Both communities were constructed in 2002. Boca Raton-based Apartment Realty Advisors announced the sale. VP Sean Williams and Marc deBaptiste, principal, represented the seller, Del American Inc. Source: http://www.bizjournals.com/tampabay/stories/2004/09/13/daily43.html
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