formerly Boca Palms in Boca Raton
BULK SALE - 344 Units Within a 522-Unit Community
Naples and SW FL Commercial debt REO sales. Ferrer & Associates,LLC
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.
|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|
Select Unit Amenities:
Assumable 80/20 bond financing available.
|Price:||TBD by Market|
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.
90 Units High Rise riverfront luxury units TBD
300 unit High rise
46 3/3 Condos N
83 Units Naples FL Potential Chinese drywall TBD take an assignment of contract
Most of theses deals are short sales Bank OREO or it could be a debt sale.
|BULK REO POOL SALE DETAILS|
This blog announcement is to give SEC qualified type of buyers a notice and opportunity for qualified buyers to acquire a substantial portfolios of discounted REO properties at one time or commercial assets as debt or OREO. High end Luxury Jumbo loans/ REO homes or condos on the beach as well.
In order to streamline the registration process and to establish the appropriate business relationships for this opportunity, the following minimum requirements must be met to be considered a potential buyer:
1) Buyer NDA and Letter of Intent (LOI) with final name in which title will be held and the amount of your
preliminary bid. If the purchaser is a corporation, you must include sufficient evidence that the corporation is in good standing with the Secretary of State in the state in which the corporation was formed.
2) Buyer Proof of Funds (POF) currently on deposit with wire capability in the amount of the bid.
3) Deposit Escrow must be opened of $100,000 held by the bank (on FDIC BIDS). $10,000 per 100k must be open on smaller debt sales or local bank deals for pre foreclose offers.
4) Buyer must pass Department of Treasury OFAC check and additional checks.
5) The name on the Letter of Intent, Proof of Funds, and contract must all match. No replacements or substitutions will be allowed once the buyer is registered and the purchase contract may not be assigned.
6. Buyers must enter into an exclusise buyers broker agreement with our brokerage firm or take a direct assignment of contract from Star Capital group Investments, mike rivera or one of our attorneys.
(Detailed information and instructions on registering, submitting your bid, and providing your deposit will be provided with the bid package.)
As an added benefit, those who successfully register and submit a bid will be considered for notification of future bulk sale opportunities.
Investment Real Estate Analyst
Star Capital Group
Ferrer & associates
Ferrer & Associates,LLC