Prime Conversion To Class A Multifamily Opportunity
Although this is currently being built as a senior housing property, this property can be converted to a Class A Multifamily project.
This property sits on a golf course and can easily be converted into a 300+ unit complex and the property has the ability to add an additional 30+ cottages.
It wouldn’t be difficult to change the amenities to serve an apartment complex and there is adequate space to accommodate the added parking needs.
Rents average 88 cents per square foot in the area but some properties are able to get rents as high as $1.75 per square foot.
This is a 55 acre, 300,000+ square foot property heading towards being a senior living community. Design schemes include a fitness center, walking trails, an arts and crafts studio, coffee shop, bistro, dining venues and a library. It was designed to have approx. 115 independent living apartments, approx. 25 cottages, approx. 40 assisted living apartments, and approx. 20 memory care apartments for residents with Alzheimer’s or dementia and approx. 20 skilled nursing beds for long-term care.
This was a $119,000,000 project prior to the operator defaulting. There was $76,000,000 in completed construction and infrastructure cost prior to the operator defaulting. Work was nearly 90% complete when this took place. Multiple units already have appliances and window blinds installed. The bulk of the remaining work will be paint, flooring, fixtures, and punch list items.
The new owner (and general contractor) is willing to sell “AS IS” or they are willing to complete construction as part of the sale price.
The general contractor successfully won the bid to control this asset and they have a deadline to close by February 7, 2019 with the court. We believe that the winning buyer will be an all cash buyer who can place a nonrefundable deposit and agree to close on or before February 7th, 2019. This buyer can then, after closing, refinance the property.
This asset was 85% leased up when it hit the default brick wall.
If a buyer has the cash to close, we have a draft LOI that we will prepare and immediately sent to an interested buyer upon request.
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.