Property details
HUGE Value-Add Resort Hospitality and Multifamily Portfolio, Southeast Region
Property Description
HUGE Value-Add Resort Hospitality and Multifamily Portfolio
2,200+ units.
This is a CONFIDENTIAL, off-market offering strictly for potential direct principal buyers
This is the largest land holding of land located directly on a famous Oceanfront Blvd (buyer to confirm this with owner).
Prime Location: Located in the Downtown area of this major oceanfront beach.
Per owner's discussions with the mayor and other city officials, the city has programs available for redevelopment assistance. These programs are minimal in nature, per the owner.
A Property Improvement Plan ("PIP") from a major hotel chain has been received. This hotel chain wants to control the entire portfolio.
A post renovation proforma shows a NOI of $12,068,740.
At a price of $56 million, this is a 21.55% Cap Rate.
Per the owner, $5 million is a conservative estimate of what it will take to complete the PIP.
Adding $5m to $56m as an adjusted purchase price, the Cap Rate then moves to 19.78% ($12,068,740 / $61m).
Per the owner, it has been represented to them that after the PIP improvements, these holdings will easily skyrocket to around $100 million.
Images
Highlights
- Status:
- Available
- Price:
- $56,000,000
Property Information
- Property Type:
- Apartments
- Industry Type:
- Apartment - Multifamily
- Units/Spaces:
- 2200
- Purchase Tenure:
- Fee Simple
Existing financing information
- N/A
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.