- September 13, 2019
FORT MYERS — A Miami-based real estate investment holding firm has acquired a landmark, 32-story apartment tower in downtown Fort Myers for $71 million.
The firm, Westside Capital Group, acquired the property, Oasis Grand II, in an off-market transaction for about $268,000 per unit, according to a statement. Originally built as a condominium in 2008, the waterfront property features large studio, one-, and two-bedroom units, as well as several two-story, three-bedroom townhomes featuring panoramic water views. It was 98% occupied at the time of the sale, the release states.
Westside, with its first investment in the Fort Myers market, plans to invest in improvements to the property, including enhancements to amenities, common areas and individual apartments. As part of the purchase, the release states Westside Capital will also maintain control and management over the Oasis Grand Master Association, which includes Oasis Grand I – an adjacent residential tower with 240 individually owned condo units.
“We believe in the Naples-Fort Myers corridor because of its waterfront location, great roadway network including direct interstate access, its walkable urban center and international airport, and very promising economic and demographic trends,” said Jakub Hejl, founder and president of Westside, in a statement. “With its prime waterfront location and superior condominium-quality features, Oasis Grand is a thoroughly unique multifamily asset and we therefore seized on the opportunity to acquire the property at well below replacement cost. Given the quality of the property and high barriers to entry in this market, Oasis Grand offers a variety of value enhancement opportunities, along with the potential for future development and land additions, all of which will be carefully evaluating.”
Oasis Grand sits on the Caloosahatchee River, on a 1.3-acre site at 3040 Oasis Grand Boulevard, a few blocks from the heart of downtown Fort Myers. Originally built in 2008 by Related Group, it was transitioned from a condo to fee-simple ownership in December 2020. The property features studio, one-, and two-bedroom units ranging from 629 square feet to 1,700 square feet, as well as several two-story, three-bedroom waterfront townhomes with up to 1,800 square feet of space.
Commercial real estate financing firm Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, handled acquisition financing on behalf of Westside Capital for the deal. Berkadia Miami Senior Managing Director Charles Foschini and Managing Director Christopher Apone secured a $58.68 million loan on behalf of Westside, representing an 80% loan to cost.
Westside owns real estate assets throughout Florida, in the Tampa, Orlando, Jacksonville and South Florida metro areas. In addition, Westside owns an approximately 1,100-unit apartment complex on over 100 acres in Birmingham, Alabama. Westside’s development pipeline includes thousands of new planned or approved units on land it owns in Florida and Alabama, and the company is actively pursuing deals throughout the Southeast.