Value-Add Resort Hospitality and Multifamily Portfolio, Southeast Region

Property Description

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.

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Multifamily / Apartment Properties For Sale

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