U.S. military contractor buys 1BD in Palms Place for $920,850

Richard W. Melton bought a one-bedroom, 1.5 bath condo at 4381 Flamingo Road in Paradise from TAS Properties for $920,850 on June 30.

The 1,220 square foot Unit #2021 is in the Palms Place at The Palms development.

Melton owns and runs a number of businesses which include Partz Network, a Burlington, N.J.-based heavy duty replacement parts distributor and Melton Sales & Services, Inc., where he serves as president and CEO.

The Melton Group, now in its third generation of family ownership, has been servicing the remanufacturing needs of the U.S. military and commercial wholesale customers since 1949.

Palms Place houses 599 units in its 47 stories and was constructed in 2007.

Condo sales in Paradise dropped 32 percent in 2007 versus sales in 2006. The median sales price went up from $375,000 to $513,000.

Address: 4381 Flamingo Road, Unit: 2021
Buyer(s): Richard Melton
Seller(s): Wendie Melton
Sale date: Jul. 1, 2008