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.
Wednesday, March 9, 2011
Wednesday, February 9, 2011
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.
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
Thursday, February 3, 2011
Bulk Sales opportunity! Investment package of Townhomes and Single family Residential
Bulk Sales opportunity! Investment package of Townhomes and SFR
20 Units total
14 Single Family Residential Homes Cape Coral + Lehigh acres Fl all newer 2002 + all fully rehabbed to new ready to sell or move in condition , 6 of them rented as rent to own,. 2 out of 14 of them in Lehigh acres,Fl.
2Townhomes Estero, Fl
4 Condos Estero, Fl
all rented to FGCU Students and Faculty at FGCU University
$1,950,000
7.9 cap of proforma
Current Income is on 6 SFR homes only at 108,000 gross, possibly 95,000 in NOI cost to owner is only Property tax & INS (12k) for the Rent to own lessors.
Potential NOI $150,238 after expenses hoa fees etc
No Low Ball offers accepted. Discount opportunity NOT Distressed.
Direct Buyers with proof of funds only. No Proof No deal sent.
DownLoad NCND sign and send back to MikeRiveraSr@gmail.com
NCND http://www.mediafire.com/?46bpobc4f1ak359
Photos of actual Homes
Thursday, January 6, 2011
10 units Luxury Condo,Bulk Sale in Naples Florida
New 10 units Luxury Condo,Bulk Sale in Naples Florida. Just purchased from Bank as a Note. and Just finished by the new note holder all units have 10 year warranty's on structure and appliances..
Avg Sq Ft Sales in this market are 500 a foot.
avg sq ft sales for units 1500 to 2200 sq ft avg 389 a foot.
Your Price to acquisition all 10 units and 20,000 sq ft of rare Olde naples Luxury product.
$210 or $4,035,000 off market Private sale. Sign NCND.
NCND (confidentiality agreement)
http://www.mediafire.com/?46bpobc4f1ak359
A bit about Mike Rivera. Im a 42 year old Broker for 17 years in the Business and 26 years living here in this market./ Im a former licensed RE Appraiser with countrywide. Mortgage broker as well and purchase Income Investment property for myself and my Investors and capital Partners. Im always on the look out for capital partner and committed buyers who understand the income and hold
We constantly purchase Bulk units, condos, Duplex, Quadplex, apartments, NNN, Commercial retail plazas hold and rent units based on a 5 to 7 year proforma and then sell. We also acquisition for arbitrage yields and perform quick turnarounds.
I have superior customer service, immediate turnaround time.
Mike Rivera,
Investment Real Estate Analyst
Star Capital Group
Naples Fl
954-957-3134 Office
239-770-6257 Cell
239-775-2066 Fax
Mike Rivera, Ferrer & Associates,LLC
Avg Sq Ft Sales in this market are 500 a foot.
avg sq ft sales for units 1500 to 2200 sq ft avg 389 a foot.
Your Price to acquisition all 10 units and 20,000 sq ft of rare Olde naples Luxury product.
$210 or $4,035,000 off market Private sale. Sign NCND.
NCND (confidentiality agreement)
http://www.mediafire.com/?46bpobc4f1ak359
A bit about Mike Rivera. Im a 42 year old Broker for 17 years in the Business and 26 years living here in this market./ Im a former licensed RE Appraiser with countrywide. Mortgage broker as well and purchase Income Investment property for myself and my Investors and capital Partners. Im always on the look out for capital partner and committed buyers who understand the income and hold
We constantly purchase Bulk units, condos, Duplex, Quadplex, apartments, NNN, Commercial retail plazas hold and rent units based on a 5 to 7 year proforma and then sell. We also acquisition for arbitrage yields and perform quick turnarounds.
I have superior customer service, immediate turnaround time.
Mike Rivera,
Investment Real Estate Analyst
Star Capital Group
Naples Fl
954-957-3134 Office
239-770-6257 Cell
239-775-2066 Fax
Mike Rivera, Ferrer & Associates,LLC
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
| $23,500,000 | |||
 |
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 |
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