31 unit Cape Coral, FL & big concerns for every prospective bulk sale purchaser

Note three big concerns for every prospective bulk sale purchaser should consider in a bulk sale: (1) status of construction and unit sales, (2) all current comps, (3) ILSA compliance, (4) title issues, (5) HOA liens and the understanding of the bulk assignees law and how to draft the legal documents under that law.

ILSA compliance, and the new Bulk assignees law & required documents is something i will look into with Mark Adamczyk of Goede & Adamczyk, PLLC Mark Adamczyk www.flcommunitylaw.com on the next blog.

In the meantime please take a look at another Southwest Florida Multi family apartment Investment and a bank held 100,000 sq ft office and retail space in Naples Fl off the Toll Booth Exit on i-75. see below.

Now available a 31 unit, 1967 built apartment community, located in Cape Coral, FL.

The Apartments consist of 3 buildings. The 2 two‐story concrete block
and stucco buildings offer studios (29%), one (65%) and two (6%) bedroom floor
plans with an average unit size of 570 square feet.

The 2 two bedroom units are in a duplex that was built in 1980 on the property. The common amenities include a sparkling pool and a barbecue area. The buildings have pitched roofs, covered with shingles and is situated on .92 Acres+/‐ of land.

The Apartments is a clear value‐add opportunity. A new
operator will have to make a strong marketing push, combined with
sound management, to increase occupancy, thus generating a higher net
operating income. With overall market stabilization, there is room for a
profitable exit strategy when the market is fully stabilized.

NOI Range $48,000 to $66,000 based on annualized current income.

Naples Flex space. ........................................................................................................................


3 buildings.
Has income in place but non performing and construction leins.

28,000 sq ft 70% occupied
54,410 sq ft 20% occupied
15,000 20% occupied

93,000 sq ft

Comps on units closed in 2010 ranged 95 to 155 per sq ft.

Contact Mike Rivera for more information on the above assets. or other Naples fl condo bulk sales.
239-770-6257

NCND required and proof of funds from all potential purchasers.

Southwest Fl Bulk sale waterfront sold at 80% of current value

Another Bulk sale down for waterfront sold at 80% of current value.
Prices up in swfl 25% since 1st 1/4 of 2010

Canadian Investment Group Lofton Island , LLLP has acquired 224 developer-owned units in the Oasis Tower II condo project from Oasis Associates, LLC. The purchase price for the 224 units was $36.7M ($163K/unit). Lofton Island plans to continue the leasing program in this tower.

Based on currentprices in River District high-rise projects, this average cost per unit of $163K is a bit closer to retail than I was anticipating for a bulk transaction at 80%. Shifting this block of 224 units out of unsold inventory and into a rental portfolio is a very positive event for the Fort Myers high-rise market. Buyers will have more comfort purchasing the remaining units in Oasis Tower I without the huge unsold inventory of Tower II hanging over the project like a black cloud.

Downtown ft myers has an influx of new residents, new nightclub, National retailers, near downtown this could all be good for the entire community, the new publix and new construction start of townhomes at the publix plaza at high point High rise.

Bulk sales available


Waterfront
415 Unit High Rise 24 story Riverfront Hotel Dark at Yaht Club needs 10/15M in renovations.
( prime location like Oasis. Reposition opportunity to acquisition 500,000 sq ft of riverfront high assets.1 full city block of land hard corner at the bridge. Im direct to owner and they are motivated to sell this asset.
21 Unit High Rise Ocean view Class AAA


Prime Stable:

Olde Naples(port Royal sub market) High affluent market Units
10 New construction never lived in units, Market rate 305 perm sw ft, purchase 207 a sq ft.


Class B

68 unit available In Naples Fl as well. 60,000 per unit Conversion all 100% owned..
55 Unit off davis blvd In Naples fl Broken conversion.

320 unit Class B apts Naples, Fl (listed by other broker)


a quick note

always looks bigger going than coming.

For many procrastinating real estate buyers Bye, bye! The above proves this ponit.

Let em update you with my real estate appraiser hat.

1. The bottom of the market was reached sometime in end of 2009 1st 1/2 2010.

2. If you would have purchased a condo or a town home in Estero 6 months ago you would have a 30k to 50k equity position in your property today this is almost across the board in 33928.

3. If you would have purchased the same type of highly distressed product in Olde Naples by end of 2009 thru summer of 2010. You would have close to a 45 dollar per sq ft equity yield on your holding. x the sq ft of your acquisition.

I love been a real estate appraiser and Broker it is with this knowledge that i track sub markets in SWFL as they decline or appreciate. and real estate is truly valued up or down by mere neighborhood characteristics, in small pockets or puds only. Nonetheless it is good news for you sellers out there.

Buyers get off of the wall, its time to dance and Im playing your song..... and BTW the song is 1/2 way over.

Contact Mike Rivera for more information on the above assets. or other Naples fl condo bulk sales.

Thanks,

Mike Rivera,
Investment Real Estate Analyst
Star Capital Group
Naples Fl
954-957-3134 Office
239-770-6257 Cell
239-775-2066 Fax