formerly Boca Palms in Boca Raton
BULK SALE - 344 Units Within a 522-Unit Community
23,000,000
| $23,500,000 | |||
 |
Sunday, December 19, 2010
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
formerly Boca Palms in Boca Raton
BULK SALE - 344 Units Within a 522-Unit Community
23,000,000
Thursday, December 2, 2010
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
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
Wednesday, December 1, 2010
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
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
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
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