Just Sold BULK SALE - 344 Units Within a 522-Unit

Just Sold
formerly Boca Palms in Boca Raton
BULK SALE - 344 Units Within a 522-Unit Community

23,000,000

$23,500,000

336 unit Multi-Family property in Orlando Florida,Debt Sale

The asset
Class C Multifamily
a loan secured by a 336 unit Multi-Family property in Orlando Florida .The unpaid principal balance is $17,226,931 and the note purchase is being presented at $3,500,000 or $10,400/unit. An 07 appraisal valued the property at $22M. opportunities in the Multi-Family sector are hard to come by in the distressed debt arena. Usually when they are offered the tend to trade at a premium. We are very excited about this deal and feel at our price there is tremendous upside.

A broker in the Orlando market that has sold over 17 multifamily properties in 2010 totaling more than $400,000,000. Heprovided the following comparables demonstrating the current price per unit of similar multifamily properties in the Orlando market. The Waterway Apartments that recently sold for $16,944/unit, is located across the street (to the west)
from the subject. Multifamily properties are a strong asset class in the current market. One of the driving forces is the attractive financing offered by lenders such as HUD and Freddie/Fannie Mac. Terms for multifamily loans can be 4% with a 30 year amortization and an 85% to 90% loan to value.

Comps :

Apr-10 Carlton Arms 1968 291 units $8,700,000 $29,897 per unit

Jun-10 Silver Oaks 1990 320 Units $9,000,000 $28,125 Per Unit

Feb-10 Waterways 1988 360 $6,100,000 830 $16,944 Per Unit

5 MORE COMPS ABOVE 29K PER UNIT


An appraisal on file dated 01/2007 notes a value for the subject property of $22,300,000. At that time, the occupancy was 92%. It is assumed that the appraisal was used to facilitate the origination of the subject CMBS note. The valuation was based on an NOI of $1,503,377 using a cap rate of 6.75%. The cash flow table below demonstrates the strength of the asset
only 4 years ago. The sales comparables were all similar vintage with an average price per unit of $66,000 or $22,000,000. The subject asset is being offered at $3,500,000 or $10,400/unit. Property taxes have been paid up through 2009 with $107,888 due for 2010.

NOI FOR THIS ASSET: $1,850,000 AT 90%

THE PROPERTY SITS AT 25% OCC. CURRENTLY WITH NO MANAGEMENT IN PLACE

Download link: NCND (must sign)
SIGN AN NCND TO MOVE FORWARD

Mike Rivera,
Investment Real Estate Analyst
Star Capital Group
Naples Fl

954-957-3134 Office

Mike Rivera, Ferrer & Associates,LLC

For Sale Proven MFR buyers Only,204-unit garden-style apartment community

Daytona Beach- Class B, Class A location 204-unit garden-style apartment community located on the south side of Beville Road (FL-400), approximately 2 miles east of I-95, the area's major highway, and only two miles from Daytona Beach International Airport. The property's superb location in the heart of Volusia County is within minutes of the area's major employers, educational facilities, healthcare centers and some of the world's most famous beaches.

Info- The exteriors of the buildings were painted in 2008 and the parking lot was re-sealed. The pool was resurfaced in 2007 and the roofs were replaced in 2003. However, the property provides a “value-add” opportunity through interior upgrades. A $30 rent premium has been acheived on units with upgraded appliances. The property provides an additional opportunity through kitchen and bath cabinet renovations. Implementation of an upgrade program over the long term for all units would provide an increase in future rental revenue.

Structural Detail:

Buildings and Heights	11 two- and three-story buildings
Foundation	Poured slab concrete
Exterior Walls	Wood frame with stucco finish
Paving	Asphalt, re-sealed in 2008
Fire Safety	11 buildings with pull stations
Roof	Pitched with asphalt shingles, replaced in 2003
HVAC	Each unit has a central air handler, condensing units are mounted outside each unit
Plumbing	Copper
Wiring	Copper

Community Amenities:

• Barbecue Area
• Dog Park
• Clubhouse
• Self Service Carwash
• Spa/Hot Tub
• Swimming Pool
• Fitness Center
• Tennis Court
• Pet Friendly

Select Unit Amenities:

• Walk-in Closets
• Extra Storage Space
• Washer / Dryer Connections
• Central Air/Heating
• Dishwasher
• Screened Balcony / Patio
• Cable TV Ready
• Garbage Disposal
• Refrigerator
• High Speed Internet Access
• Ceiling Fans
• Handicap Accessible
• Oversized Pantry/Laundry Room
• Views Available – Pool, Waterfront, Lush Greenery
• Upgraded Kitchen Appliances in Some Units

Assumable 80/20 bond financing available.

Price:	TBD by Market
Units:	204
YoC:	1985
Sq Ft:	185,568
Acres:	13.00

Southwest Florida Portfolio

FORT MYERS - NAPLES FL

Inland Diversified Real Estate Trust, Inc. has purchased the Colonial Square Town Center and the Shops at Village Walk, adjacent shopping centers in Ft. Myers, FL., for about $38.4 million for a about 350,000 square feet. or 108 dollars per sq ft.
A fantastic bargain psqft for Class A NNN Retail

Cap rates in place at acquisition for Colonial Square Town Center and Shops at Village Walk were approximately 7.69% and 8.08%

The occupancy rates for Colonial Square Town Center and Shops at Village Walk were 83.3% and 71.2%.


LOOKING FOR A RETAIL PLAZA OFF MARKET?? PUBLIX ANCHORED OR STRIP CENTER?

CALL ME TODAY!

Mike Rivera,
Investment Real Estate Analyst
Star Capital Group
Naples Fl

954-957-3134 Office

Mike Rivera, Ferrer & Associates

92-unit Palms Bulk Sale condominium Transaction Southwest Florida

Colliers International Tampa Bay on there web site announced the closing of an 82-unit bulk condominium transaction in North Fort Myers.

It was a remaining 82 lender-owned units out of 92-units at The Palms at Waters Edge condominium. The assets were acquired by a Naples based LLC for a purchase price of $4.3 million.

Colliers International Tampa Bay worked exclusively on behalf of the owner, Redus Florida Condos, LLC (Wachovia Bank), to facilitate the sale.

The property originally sold 2005 for $9.2 million. Palms at Waters Edge was built in 1974 and was substantially renovated in 2006-2007 for the purposes of conversion to condominiums.

If you are looking for a New construction Builder Close out, Broker Representation at an auction or listing feasibility analysis and a quick sale offer of your unsold product Bulk condo or Multifamily apartments. We have buyers in Canada, UK, and US Hedge funds, waiting for South West Flroda Distressed assets.

Please call Mike Rivera, CIB, ABR

Investment Real Estate Analyst
Star Capital Group
Naples Fl

954-957-3134 Office
239-775-2066 Fax
Mike Rivera, Ferrer & Associates,LLC

Apartment and Bulk sales Rise 70% in 2010

a recent report on second-quarter transactions released late last week by Real Capital Analytics (RCA), a New York-based commercial real estate research firm. On the surface, the quarter’s numbers looked good compared to the listless 2009. Sales rose to $5 billion in the second quarter, putting the total at $9.6 billion for the first half of the year. That’s an impressive 69.6 percent jump in transactions over the first half of 2009. But dig deeper, and the numbers don’t look quite as impressive. In the first quarter, 534 properties of $5 million or greater sold. That’s only a 16.8 percent increase from a year ago. So what’s with the jump in prices? Basically, more trophy properties are selling. “I think that points further to the weight the larger transactions in primary markets are having on the market as a whole,” says Ben Thypin, senior market analyst at RCA, noting that most of the uptick in transactions came from the Northeast and Mid-Atlantic, while the West only saw slight gains in volume and pricing. (The Midwest was, once again, quiet.) The Big and Small Sell If they were properly located, both garden-style apartments and high-rises saw strong pricing and demand. RCA, in fact, says garden properties hit a turning point in the second quarter with property sales growing to $3 billion (192 properties) from $2.3 billion (144 properties) the previous year. “There were a fair amount of sub-6 percent cap rates for garden properties,” Thypin says. “The assets in quality markets are trading at low caps regardless of whether they’re garden or high-rise.” Overall, high-rises posted sales of $4.3 billion (198 properties) in the first half of the year, a whopping 192 percent increase over a year earlier. In the second quarter, volume fell slightly from the previous quarter to $2 billion, but the number of properties selling rose to 110 from 88. The reason for this—RCA said high-rises in the second quarter sold in markets other than high-priced Meccas such as New York and Washington, D.C. Distress Still a Dribble Meanwhile, distressed sales made up about 30 percent of all sales in the first half of the year, but only about half of distressed resolutions were via sales. The others were restructured or refinanced.

Cap Rate compression is back and in full effect.

While cap-rate centric institutional buyers mindful of market fundamentals are balking at cap rate compression, opportunistic private investors and opportunity funds with aggressive yield expectations and the underwriting to match are standing 20 and 30 bidders deep to pay what the market demands on a price-per-unit and price-per-square-foot basis. “Today’s buyer feels comfortable where the pricing is per-unit and is willing to buy on the prospect of upside with market recovery,” explains Cindy Cook, senior vice president in the Phoenix office of apartment brokerage firm Colliers International, which recently brokered the sale of two 300-unit, Class B multifamily properties for $61.23 and $67.02 per square foot. “That’s why cap rates have been sidelined. It’s not a stable market, so it doesn’t make sense to value properties strictly on cap rates today. Today’s winning bidder is typically a guy that can walk in and pay all cash without a loan contingency. They’re not looking for a discount; they are looking to pay market price, and they have the cash to pick it up, and we are seeing it particularly with private guys, family trusts, and the opportunity funds that were set up over the past couple of years.

Southwest Florida Coast Broker Sales

Sale Date 02/2010 No. of Units 312 Sale Price $8.2mm

Sale Date 03/2010 No. of Units 360 Sale Price $29.5mm

Sale Date 05/2010 No. of Units 408 Sale Price $25.4mm

Sale Date 07/2010 No. of Units 360 Sale Price $29.5mm

Sale Date 07/2010 No. of Units 180 Sale Price $13.6mm

If you would like exclusive access to some of these off market opportunities. Feel Free to contact Mike Rivera Direct at 239-770-6257

What we are looking for:

Partners such as Private SEC registered Investors,Fund Mangers, family trusts, and the opportunity funds of private equity and hedge fund groups. We provide due diligence,Access to the asset before it hits open market, and asset management and property management as an operating partner.

FHA Approves Many New Florida Condos For 98% Financing In 2010

(FHA) Fannie Mae just approved a Slew of Florida condos for FHA financing in the first 1/2 of 2010, New condo project approvals for financing in 2010 have already risen by more than 50 percent compared to 09 when 80 or so FL projects were deemed acceptable for Fannie Mae standard mortgages . No new Florida condos were approved for financing in 08 after 27 projects were approved in 2007, according to the FHA report.

This presents new and greater opportunity for the Condo Investor/ Bulk Condo Buyer, looking to resell down the line with end user 98% financing in place. Prior too these FHA approvals, a lack of available financing typically means a potential slow death to the condo development, association, seller and Investors as lower prices for the Re sellers remain distressed, as the only would-be buyers have all cash and demand deep (vulture fund) discounts to transact almost 100% of deals.

Many mainstream conventional banks also Follow FHA standards on underwriting, which means conventional bank lenders/ borrowers were also staying away from Non Fannie Mae approved Condominium's.

Some of the newly approved developments are:

Marbella Lakes Condominium, , Naples fl
Hammock Bay Condominium, , Naples fl
Lakeside at the Isles
Ironstone at the Quarry, , Naples fl
Jasmine Bay South Entire Project/ ESTERO FL
DI NAPOLI, Naples fl
ANDROS AT TORTUGA / FORT MYERS
ANTIGUA ONE AT SOMERSET CONDOMINIUM
Barbados I at Somerset
Coach Homes II at Heritage Bay Other/BUILDING 63, 68 and a couple of more
North Star Yacht Club

For a full list of available FHA approved Condos. Call Me Direct at 239-770-6257.

As you Know, we are looking to PARTNER WITH CASH Buyer Investors of Condo Bulk Sales units and Individual Fl Distressed condos and single family homes. The long term investment goal is a 7 to 10 year hold with Income in place with an Modified IRR of 11% to 20%.

We have now been Involved with sold or consulted on 7 condo Bulk sales in the South west florida markets to Include, Naples, Ft Myers, Punta Gorda, Port Charlotte, Venice and Sarasota, Bradenton. We are working on Apartment units that are now available in Naples, Tampa, West Palm Beach, Palm Beach with a core concentration on Multi Family apartments and Broken Condo developments, 2nd Retail Grocery Anchored, 3rd Hospitality.

We attempt to work with Buyers under an Exclusive buyer broker agreement as to not waste our time and out investors, and form an LLC in which we remain as an operating partner here in fl.

Some availabilities:
60 Units bulk sale
21 Unit bulk sale Ocean view
400 unit + Hotel / Mixed use High Rise Riverfront
33 Unit Ocean front, Naples Fl
28 Unit Luxury waterfront with Boat slips
117 Key Flagged West Coast Marriott.
227 Unit Apartment distressed debt Sarasota
100,000 sq ft Collier County Fl Flea Market, warehouse and RV Park with 150 pads, distressed debt, SUPER DISCOUNTED ASSET.

127,000 Sq Ft Anchored Publix Plaza. SOLD
550 BED STUDENT HOUSING, SOLD
43 UNIT, ESTERO FL, SOLD
48 UNIT NORTH NAPLES, SOLD

AVG CLASS B AND C UNITS SOLD- 50K PER UNIT. OR 48 PER SQ FT

Call Mike Rivera.

Mike Rivera,
Investment Real Estate Analyst
Star Capital Group
Naples Fl
1 239-770-6257
Mike Rivera, Ferrer & Associates,LLC Fl Brokerage

Zillow Home Value Index

More US Home Values

Market data reports Naples Vs NYC Miami, Chicago

Zillow Home Value Index

More US Home Values

Southwest Florida (Naples) Commercial real estate snapshot

In Q1, overall sales in South West Florida decreased 38% compared to the prior year. Over the last 12 months, the price per square foot for office property is down 33%, multifamily is down 30%, industrial is down 63% and retail is down 31%.

Data from LoopNet's Q1 2010 Investment Market Reports

Mike Rivera
239-770-6257
Mike Rivera Ferrer and Associates

2 Sales Naples and Estero Market! Multi family & Bulk builder close out Estero fl, Naples FL

2 Sales Naples and Estero Market!

The Increase in SW FL vulture funds and private equity groups hovering for distressed assets is way up. Real estate firms with access to capital and significant experience, expertise and development capacity are well-positioned to take advantage of the opportunities that these distressed assets and debt present. They are able to buy properties with a variety of financial structures, cash and both senior debt holds, and create value through repositioning the assets.

1 43 Units Estero FL FGCU AREA
Just SOLD 4/2/2010
Mid Two million Range Median Market Value 80k per unit. MLS Listed low 90K as of 3/28/2010
I was personally involved in the inspection and due diligence, and under contract 2 times with 2 different buyers. One of the best Bulk sale opportunity on the west cost of Fl.

Price was $47K per unit or just about $2MM for the 43 units.

This is the 3rd bulk condo sale to close in the Southwest Florida market.
South west Florida is Naples (Collier county) Fort Myers( Lee county) and Charlotte county and Sarasota county.
I have access to these assets such as the recently closed

2. Jamie May may strikes again.

A resort-style pool is one of the amenities at Bermuda Island Apartments.

Jamie May of the JBM multifamily capital brokered the sale of Bermuda Island Apartments, a 360-unit, luxury multifamily community located in Naples. The community is situated on approximately 23 acres on Vanderbilt Beach Road, across from the Ritz-Carlton Golf Resort Hotel and Tiburon Golf Course. It consists of 12 three-story buildings with a combination of one-, two- and three-bedroom residences, with units averaging 1,046 square feet in size.

Amenities at the community include a grand plantation-style clubhouse that features a formal dining hall, a business center, a 2,000-square-foot fitness center and a screened outdoor lanai with ceiling fans and built-in grills. A resort-style swimming pool overlooks a 3-acre lake. The property was initially planned as a condominium conversion but now operates as an apartment community. Occupancy at the community was 90 percent at the time of the sale.




What hot for Multi family & bulk sale opportunities?
Potential to take down Class A
504-bed student housing facility in Estero, FL, (Ft Myers) across Florida Gulf Coast University. The loan was transferred to special servicing in June 2008. The borrower replaced the onsite manager in the spring 2008 and was running an aggressive leasing campaign with deep concessions to increase occupancy for the 2008-2009 school year. The property is currently 80% leased as of Sept. 4, which does not support the debt service and the borrower is unwilling to support the property.

West Coast of Fl Bulk sale -
43 Units High Rise Oceanfront (Gulf) Boat docks, Builder close out Bank held
Guesstimate asking $50M
Recent Comp sales- 1.6MM to 5.8MM 0-3 months old
Cal me for an NCND
and a quick tour will go fast.

Beachfront High Rise 23 units remain 50% of listed price close out. Bonita, Ft Myers beach, Florida sub market.

Smaller opportunities:

90 Units High Rise riverfront luxury units TBD

300 unit High rise Miami Bayfront Biscayne bay 350,000 sq ft at 300 per SQ ft

60 Venice waterfront Charlotte Harbor SOLD

46 3/3 Condos N Naples 7MM + 2% fee

83 Units Naples FL Potential Chinese drywall TBD take an assignment of contract

15 Naples Gulf access Bayfront Townhomes Olde Naples 980k per unit

Want more? I have it Bank direct or Private equity held.

Mike Rivera,
Investment Real Estate Analyst
Star Capital Group
Naples Fl
1 239-770-6257
Fax 1 239-775-2066


Mike Rivera Ferre & Associates,LLC
.
http://www.naplesassetsales.blogspot.com

http://www.Naples-Foreclosure.com

South Fl Naples,Miami,Sarasota Condo sales way up, Bulk sales Increase

South Fl Naples,Miami,Sarasota Condo sales way up, Bulk sales Increase by Mike Rivera

Ft Myers and Naples Fl Beachfront REO homes penthouse sales

www.BEACH-FRONT.US

Ultimate 2nd homes destinations in Southwest Florida. Bonita Springs and Naples attracts visitors and new residents from around the world having emerged as one of Florida's most dynamic coastal communities. Known as the "Gateway to the Gulf" - Bonita Springs encompasses the world renowned Barefoot Beach, Bonita Beach, Estero Bay, Black and Hickory barrier islands, and Lover’s Key state park.Naples Beach areas Included Vanderbilt Beach, Seagate, Coquina Sands, Pelican Bay,Olde Naples,Bay colony, Royal Harbor,Marco Island.

Most of theses deals are short sales Bank OREO or it could be a debt sale.

Providing asset management and turnaround for Hotel owners

Hospitality Owner operators.
Providing asset management and turnaround for Hotel owners - For potential sellers. I want to get your hotels NOI stable for a potential sale. I have two new hospitality programs for hotel ownership with the former CEO of Stafford Hospitality. Expense Management for hotel and restaurant Industry.

NO COST, RISK-FREE ANALYSIS of your existing buying practices. 5% REDUCTION IN OPERATING COSTS HAS THE SAME P&L IMPACT AS A 30% INCREASE IN SALES.

Increase & add stabilization too your inline NOI for a potential sale in 2010/2011

2.

Sales & Marketing Boot Camps:

Grand Bay Hospitality Group is ready to take your property to the next level with our Sales & Marketing Boot Camp. We will talior our full program to your hotel as we cover Everything from Grass Root Sales to Internet, Web & Social Marketing. This program covers a five day span with a review on Friday of all activity and includes a 30/60/90 day follow up program.