Oasis Grand II was acquired in an off-market transaction for $71 million
Berkadia announces it has arranged financing for the acquisition of a landmark, 32-story residential tower in downtown Fort Myers, Fla. Westside Capital Group, a real estate investment holding firm based in Miami, acquired the Oasis Grand II for $71 million in an off-market transaction. Located on the Caloosahatchee River, a few blocks from the heart of downtown Fort Myers, the 265-unit property was originally developed by Related Group and was recently transitioned from a condominium to a fee simple ownership. The acquisition price translates to $268,000 per unit.
Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami secured a $58.68 million loan on behalf of Westside, representing an 80 percent loan to cost. Bridge Investment Group provided the five-year, floating-rate loan, with full-term interest only.
“Oasis Grand represented a unique opportunity to finance a waterfront residential tower at a significantly discounted basis relative to replacement cost and other recent high-rise multifamily trades in Florida, and therefore offers tremendous management and operational upside,” said Foschini.
“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. “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.”
This is Westside’s first investment in the Fort Myers market. It also owns real estate assets throughout the state of 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 Southeastern U.S.
Westside will invest in improvements to the property aimed at ensuring that Oasis Grand sets a new standard for upscale, experiential living in Fort Myers.
Located on a 1.3-acre site at 3040 Oasis Grand Boulevard, Oasis Grand sits on the Caloosahatchee River, a few blocks from the heart of downtown Fort Myers. Originally built in 2008 by Related Group, it was transitioned from a condominium 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. Amenities include gated-entry; a two-story marble and glass lobby; high-speed elevators; a state-of-the-art fitness center; a clubhouse/social lounge with wet bar, TV and WiFi; a private boat launch ramp; gated pet run; library; a resort-style pool deck with poolside cabanas and lounges; private barbecue and picnic areas; and luxuriously appointed men’s and women’s spa facilities with saunas and showers.