BUYER: Waterside Manatee Bay Holdings LLC (principals: Bobby Sullivan, Pat George, Katherine Sproul and Brian Goguen), Naples
SELLER: CRM Florida Properties LLC
PROPERTY: 4182 Bay Beach Lane, Fort Myers Beach
PRICE: $7.35 million
PREVIOUS PRICE: $4.35 million, December 1986
LAW FIRM ON DEED: Shutts & Bowen LLP, Fort Lauderdale
PLANS, DESCRIPTION: Naples-based Halstatt Real Estate Partners purchased 19 unsold condominiums in the Manatee Bay Tower at the Waterside at Bay Beach, along with a building pad, for $7.35 million.
Excluding the land, the price equated to $386,842 per unit.
Completed in 2008, Manatee Bay Tower houses a total of 58 units, ranging in size from 1,390 to 1,848 square feet. Units in the development were previously marketed for about $600 per square foot.
The additional land has entitlements for the development of another 58 residential units.
Located on the southernmost end of Fort Myers Beach, the Waterside at Bay Beach community is a gated, luxury high-rise development that features seven high-rise buildings with a mile of frontage on Estero Bay. The community features deeded access to the beach, 42 deep-water slips, a fishing pier, and is adjacent Fort Myers Beach Golf Club. Other community amenities include a pool and spa, tennis courts, social room, fitness center, barbecue area, walking trails and under-building parking.
Jonathan Richards of CBRE and Tom Reed of SunStream Realty handled the transaction.
“The units are vacant, never lived in and ready to go,” Richards says. “The inventory of new distressed luxury product right now is really low. There isn't anything comparable on Fort Myers Beach.”
Halstatt Real Estate Partners plans to market the units for sale.
“This was an asset we felt met the model we set of deploying capital in Southwest Florida,” says Bobby Sullivan, a principal with Halstatt Real Estate Partners. “It's a high quality asset in a great location. We have plans for the pad to take a conservative approach to future development. Our first goal is to market and sell the condominiums.”
Halstatt Real Estate Partners is a private equity fund created and managed by Halstatt Partnership, a real estate and investment firm of the Sproul family. Halstatt Real Estate Partners invests in residential and commercial projects principally in Southwest Florida. Recently the fund purchased the 48,615-square-foot Tanglewood Marketplace shopping center on U.S. 41 in Naples for $6.15 million ($127 per square foot).