NAI Tampa Bay Brokers Sale of Oasis Grand Tower
- Feb 01, 2011
Fort Meyers, Fla.—Lofton Island Holdings LLLP (a joint venture that includes Southwest Properties, Armco and National Bank) has closed on one of the two completed towers at the Oasis Grand condominium project in Fort Myers, Fla.
Oasis is a 17-acre development on the Caloosahatchee River. Only two of the five planned towers were completed by The Related Group of Miami in 2008. Just prior to a November 2010 auction where 40 of the 200 units in Tower I were sold, Lofton and NAI Tampa Bay approached Related about buying the remaining 224 of the 240 total units in Tower II.
“This was a complicated transaction, as we were in negotiations during the time when they held the auction on Tower I,” says lead broker T. Sean Lance, managing director and president of troubled asset optimization of NAI Tampa. “We had originally discussed purchasing all units in both towers, but the timing wasn’t right and ultimately Lofton ended up purchasing units in Tower II only.”
Approximately 50 percent of the units in Tower II were already leased at the time of purchase, an aspect that falls in line with Lofton strategy. The joint venture is seeking similar opportunities to the Oasis Grand and is currently working on several other deals throughout the Southeastern U.S. with NAI Tampa Bay, says Omar Del Rio, vice president of acquisitions for the buyer.
The Donaldson Group, Angelo Gordon obtain loan after acquiring 459-unit apartment
Temple Hills, Md.—The Donaldson Group of Rockville, Md. and its New York-based equity partner Angelo, Gordon & Company, have closed on acquisition and renovation financing for a 459-unit apartment community in Temple Hills, Md. Wells Fargo Bank, N.A. provided the loan.
The Heather Hill Apartment Homes were acquired for $38 million in December 2010 in an all cash-transaction. The seller, Tarragon Corporation of New York City, sold the property as part of a reorganization following Chapter 11 bankruptcy.
“The joint venture’s ability to make an all-cash offer helped meet the seller’s objective of closing before the end of the year,” says Carlton Einsel, vice president at The Donaldson Group. “It was a considerable accomplishment to obtain an acquisition and renovation financing loan from Wells Fargo just a short time later.”
The new ownership will begin a capital improvement program for the community, located at 5837 Fisher Road. Common area improvements will include a new fitness center, business center, entrance, lobby and landscaping. Interior unit renovations will provide all-new kitchens, new windows and sliding doors, and updated bathrooms. Heather Hills comprises 18 low-rise buildings situated on 21 wooded acres. There is a neighborhood playground, swimming pool, tennis court, basketball court and an onsite Metrobus stop.
Marcus & Millichap oversees $21.7M sale of manufactured housing community
Calverton, N.Y.–Marcus & Millichap Real Estate Investment Services brokered the sale of Thurm’s Estates, a 101-acre, 328-space manufactured home community in Calverton, N.Y. The sales price of $21,740,000 represents $66,280 per space.
Frank Martin and Ian Glasser, manufactured home communities investment specialists in the firm’s Philadelphia and New Jersey offices, respectively, represented the seller, MHC Thurms LLC. Martin and Glasser also represented the buyer, a Chicago-based manufactured housing investment firm. J.D. Parker, regional manager of Marcus & Millichap’s Manhattan office, also provided representation.
“Thurm’s Estates presented investors with a rare opportunity to purchase a seniors housing community on Long Island,” says Martin. “Long Island is one of the country’s premier markets for manufactured housing.”
Located at 705 Fresh Pond Ave. in Calverton, Thurm’s Estates provides residents aged 55 and over with easy access to Long Island wine country, the Hamptons, Long Island Sound, Flanders Bay and the Atlantic Ocean. Major retail venues, a 182-store outlet mall and several golf courses are located within 10 miles of the property.
Built in 1958, Thurm’s Estates is composed of 155 singlewide spaces and 173 doublewide spaces. The community, which is 100 percent seniors, is serviced by city water and has its own sewage system.