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.
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.
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
Want more? I have it Bank direct or Private equity held.
Investment Real Estate Analyst
Star Capital Group
Fax 1 239-775-2066
Mike Rivera Ferre & Associates,LLC