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BUYER: Oasis Naples Development Group (principal: Tomas Cabrerizo), Miami
SELLER: Miller Lake Investments LLC
PROPERTY: 2277 Arbour Walk Circle, Naples (main address)
PRICE: $5.61 million (includes condominium association dues and commissions)
PREVIOUS PRICE: $7.29 million, December 2007 (included additional property)
LAW FIRM ON DEED: Howard A. Kantrowitz Esq., Miami
PLANS, DESCRIPTION: Aventura-based Coast Capital Partners LLC purchased the 78 condominium units at the Oasis at Naples for $5.61 million.
Excluding condominium association dues and commissions, the price ($5.4 million) equated to $69,231 per unit or $70 per square foot.
Originally developed as an apartment complex of 404 units, the north Naples property was split in half in 2006. The first portion with 216 units remained as rental apartments and was eventually sold to another owner. The second half, 188 units in the rear of the property, was converted to condominiums. The sale represented the condo-converter's remaining unsold units, which are currently rented.
Jonathan Richards of CRE Consultants represented the buyer in the transaction.
“The seller did a lot of work on all of the units,” Richards says. “Several of the units were upgraded with things like granite countertops. The units were 100% occupied.”
Along with the appealing location, he says the buyer was attracted by the double benefit of the current income and the possibility to sell off the units in the future as the residential market continues to improve.
The property also included lakeside swimming pools, tennis courts, and fitness centers.
Coast Capital Partners LLC typically invests in distressed multi- and single-family residential real estate, non-performing debt and fractured condominiums. However, the Oasis at Naples was not a distressed transaction.
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