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BUYER: Cedar Lakes at Fort Myers LLC (principals: Eduardo Caballero and Abel Ramirez), Miami
SELLER: Everbank
PROPERTY: 11310 Bella Casa Circle, Fort Myers
PRICE: $2.4 million
LAW FIRM ON DEED: Henderson Franklin Starnes & Holt PA, Fort Myers
PLANS, DESCRIPTION: A company operated by Abel Ramirez and Eduardo Caballero of Miami purchased 26 completed units and another 120 partially developed units in the Bella Casa condominium development for $2.4 million.
The price equated to $16,438 per unit.
The two investors are principals in the Miami-based contractor Jaxi Builders Inc.; Ramirez is president and Caballero is vice president and estimator.
The sale included units in two completed buildings in the 200-unit development and six partially completed buildings.
Michael J. Frye of Frye Commercial Group at Re/Max Realty Group Commercial Division handled the sale.
“This was not a simple transaction of a fractured condo project,” he says. “These buyers are very experienced developers from Miami, who were hungry for a project like this. They also own a construction company, so they were well equipped to handle it.”
Frye says the buyers also appreciated that impact fees had been paid for the project and that its overall price was well below replacement cost.
Caballero estimates the construction improvements will cost an additional $9 million.
“It's all about location, location location,” Caballero says. “It's close to an international airport, I-75, the new stadium and the hospital.”
The development already features a community gate, swimming pool, clubhouse, fitness facility and construction pad for tennis courts.
Presales on the undeveloped units are scheduled to start in a month with construction expected to commence in the next 90 days.
The development is the construction company's first project on the west coast of Florida, Caballero says, but it is looking at other developments. Over the past five years, the company has developed more than 2,000 residential units.
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