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Investors buy 224 Oasis condos

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  • | 6:16 p.m. February 18, 2011
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BUYER: Lofton Island Holdings LLLP (Southwest Properties Ltd.), Halifax, Nova Scotia, Canada

SELLER: Oasis Associates II LLC

PROPERTY: various units, Oasis Tower Two, 3040 Oasis Grand Blvd., Fort Myers

PRICE: $35.95 million

PREVIOUS PRICE: $12 million, December 2004

LAW FIRM ON DEED: Greenberg Traurig PA, Miami

PLANS, DESCRIPTION: A joint venture that includes Southwest Properties and Geosam Capital purchased 224 of 240 condos in Oasis Grand's Tower II for $35.95 million.

The price equated to $160,500 per unit.

Oasis is a 17-acre condo development on the Caloosahatchee River in downtown Fort Myers. The Related Group of Miami completed two of the five planned towers before the residential market crashed. Bank of America foreclosed on the property last year.

T. Sean Lance and John Burpee of NAI Tampa Bay handled the transaction.

“The units were 100% turnkey and ready to go,” Lance says. “To get them ready for [an] auction, Related went through all the units in both towers. In that river district this is the nicest project there.”

The joint venture will self manage the property. It plans to operate the complex as a rental until the condo market improves. Renters currently occupy half the units.

Southwest Properties has purchased several other new construction bulk condo deals since 2009, including 171 units in The Place at Channelside Tampa and 75 units in The Sage in St. Petersburg.


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