Fort Myers, FL Condo Conversion – SOLD
Category: Condo Conversions
131 Units @ 30% LTV
§ Total Units: 300
§ Units for Sale: 131
§ Year Built: 1991
§ Unit mix: 1, 2 and 3 bedrooms
§ Avg SF: 1,160
§ Asking Price: $ 7,860,000 ($60K/door)
§ Retail Value: $ 25,915,00 ($197K/door)
§ Spread/Equity: $ 18,055,000
§ Cap Rate: On a current cash flow basis (22% vacancy / 78% occupancy) this property cash flows at a 7.2% cap rate. At 90% occupancy the cap rate would be 12%.
FEATURES AND AMENITIES
The project has 2 resort style pools with whirlpool spas, an expansive clubhouse, 2 lighted tennis courts, fitness center, tot lot, car care center, and picnic area complete with BBQ grills. Each unit has its own connections for personal washer and dryer, along with a spacious walk-in closet, balcony, storage area, and, on certain units, vaulted ceilings. There are three unique models to choose from, thereby giving each family the opportunity to decide on their own personal style and accommodations to help make them feel at home. Its beauty, amenities, location, and status make it one of the premier properties in all of FT Myers
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- Gary Martin, Allied Investments
- Mr. Ronald Bayer - First
Financial Investing 
-
Mr. David Byrns - President - REF4 Funds.
- Debra Tillman 
M. Cameron - Charlotte NC
