RVA purchase nets Cedars and Barrier Island Realty

A new owner has checked into the Cedars Tennis Resort facilities.

The Longboat Key-based RVA, Resort Vacation Accommodations, announced in a prepared statement that it has purchased Cedars Tennis Resort, along with Barrier Island Realty Group Inc., which owned and managed the resort. The purchase includes the resort’s rental management, real-estate sales, tennis and health club facilities and the Cedars Bar and Grill operations, according to the statement. Tony Veldkamp, broker and managing director of Sperry Van Ness Commercial Advisory Group, will oversee Barrier Island Realty operations.

The purchase price was not immediately available through Manatee County court records. Larry Starr, CEO and owner of RVA, said that the parties are contractually prohibited from discussing the price.

Starr said that former Cedars and Barrier Island Realty owner Randy Langley approached him about the possibility of the purchase months ago. Starr got his start in Longboat Key vacation rentals when he bought a company in 1988 called Longboat Acquisitions. Starr was familiar with Cedars: In the early 1990s, he bought four units and lived in one during the construction of his home.

“When the opportunity came up, we thought it would be the perfect acquisition for us,” Starr said. “I think it’s one of the finest developments on Longboat Key.

“It has a health club and the tennis facility, the pro shop, and Randy has built it up to include kayak rentals and free bicycles for guests. It’s one of the few resorts on Longboat that can rent on a short-term basis and offer so many amenities in the process.”

Langley, who purchased the resort for $1.05 million in May 2008, said that his time at Cedars was his first foray into the resort industry and that his time there has been “a great learning experience.”

“I think I was a mediocre resort manager,” Langley said. “I think I brought it to a ‘C’ level, but I have no doubt (RVA) will bring it to an ‘A’ level.”

Cedars Tennis Resort, formerly known as Cedars East, was constructed between 1988 and 1991 by The Hunt Group, which owned the resort until Langley’s purchase.

Starr said Monday that some changes have been discussed that would “elevate the resort to the next level,” although he said nothing is concrete at the moment and that any major alterations would have to wait until after season.

Starr, whose company manages approximately 600 vacation rental units, about 500 of which are on the Key, said that the acquisition of Barrier Island Realty allows RVA to enhance its operations. The real-estate company will continue to sell and rent units within Cedars, along with properties throughout the Key and Anna Maria Island. Of Cedars’ 93 units, which are individually owned, approximately 60 are currently part of the resort’s rental program, a number that Starr hopes to grow.

Langley said that he will continue to work in real-estate development, both locally and in Orlando, where most of his business is based. He remains one of two partners of Colony Lender LLC, which purchased a $10 million bank note owned by longtime Colony Beach & Tennis Resort owner Dr. Murray “Murf” Klauber and the Colony, along with a 15% interest in the Colony’s recreational/resort property.