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Builder Closeout 131 Units 30% LTV – SOLD
Category: Builder Closeouts, Member Offerings
Direct to the owner of this project. The development has 300 units of which 131 remain unsold.
Development consists of 17 3-story buildings, built in 1991, with all amenities, including 2 pools, tennis courts, fitness center, clubhouse, etc.
The retail pricing for the remaining unsold units is close to $25,900,000.
The deal gets done at $7,860,000 ($60,000 per unit) so you are buying it at a 70% discount from current retail pricing and 65% from the average closed sales price.
On a current cash flow basis (22% vacancy) the deal cash flows at a 7.2% cap rate. At 90% occupancy rate you are looking at a 12% cap rate.
This is a good deal that is currently not marketed. We need to move quickly as the owners have given us a very short period of time before they start marketing the property.
In order to release additional information on this property we need an NCND signed by the prospective buyer. The only reason to reply to this e-mail is because you have a buyer ready to do so, no need for LOI and POF at this time. Please reply if you have a buyer ready to sign our NCND and we will forward immediately. Thank you for your consideration.
Best regards,
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NV Bank Owned Condos with Financing - SOLD
Comments Off
- Gary Martin, Allied Investments
- Mr. Ronald Bayer - First
Financial Investing 
-
Mr. David Byrns - President - REF4 Funds.
- Debra Tillman 
M. Cameron - Charlotte NC
