Campo Felice, a 24-story luxury multifamily apartment tower, was purchased for $55 million in an off market special situation sale

Westside Capital Group, a real estate investment holding firm based in Miami, today announced the acquisition of Campo Felice, a 24-story residential tower with 323 apartment units located in the historic downtown of Fort Myers, Fla.  The deal comes just two weeks after Westside made its debut in the Fort Myers market with the acquisition of another waterfront high-rise apartment property – the 265-unit Oasis Grand II – for $71 million. The two properties are located less than two miles apart, on prime waterfront sites along the Caloosahatchee River. 


Westside Capital acquired Campo Felice for $55 million in an off market special situation sale. The price equates to $170,000 per door. The property was approximately 50% occupied at the time of the sale.

Westside intends to inject up to $5 million in capital investments, upgrades and professional management of the property, which suffered from financial distress due to the COVID-19 pandemic under the previous ownership. Current senior residents will be welcomed to stay and lease at the property as they had been historically, although the senior living designation will be removed by the new management and the property will be marketed to various demographics, including senior citizens, working families and young professionals and graduate students, particularly those in the medical field. The current zoning of the building planned unit development is not limited to 55+ resident use, and all obligations under the current leases will be honored by the new ownership.

“Campo Felice is a landmark property with spectacular amenities in the beating heart of downtown Fort Myers, which unfortunately never achieved its full potential,” said Jakub Hejl, founder and president of Westside. “Under Westside’s ownership, however, the property will immediately benefit from much-needed capital investment, operational expertise and professional management. Our first objective is to work closely with current residents to ensure that their needs are met. We are focused on making sure the transition of ownership yields only positive experiences for the senior residents currently occupying the building. At the same time, we’re also looking forward to working with our neighbors, nearby businesses and local officials as well to ensure this property becomes a true asset to the broader Fort Myers community now and well into the future.”

Located at 2500 Edwards Drive, Campo Felice was originally built as a Sheraton hotel in 1986. It sits on a 3.24-acre site on the south bank of the Caloosahatchee River, directly behind the Fort Myers Yacht Basin, a WPA (1939) marina project that has 241 boat slips. In 2015, The MacFarlane Group acquired and redeveloped the property into a luxury 55+ community. The property features one-and two-bedroom apartments with floor to ceiling windows, and an array of amenities including four dining venues, a resort-style pool with jet spa, a 2,200-square-foot fitness center, a 49-seat movie theater, salon, dog park, ballroom and 521 parking spaces. It sits in the heart of the Historic River District, within walking distance to many restaurants and shops, and easily accessible to destinations like the Florida Repertory Theatre, Fort Myers Library, JetBlue Park, FGCU, and Lee Memorial Hospital. It is also convenient to US-41, I-75, MLK Jr Blvd, as well as public bus transportation.  

With this acquisition, Westside now owns two of the largest apartment high-rises in all of Fort Myers, giving it effective control over the luxury high-rise rental market in this market. Westside owns real estate assets totaling thousands of multifamily units throughout the state of Florida and Alabama. In addition to its properties in the Tampa, Orlando, Jacksonville and South Florida metro areas, Westside recently acquired a 1,100-unit apartment portfolio complex on over 100 acres in Birmingham. 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.

Berkadia’s Charles Foschini and Christopher Apone secured $47.07 million in acquisition financing for Campo Felice on behalf of Westside Capital. Ladder Capital Finance, LLC provided the five-year, floating-rate loan, with full-term interest only with a base term of four year and one twelve-month extension.

Campo Felice, a 24-story luxury multifamily apartment tower, was purchased for $55 million in an off market special situation sale

Berkadia announces it has arranged financing for the acquisition of a 24-story residential tower with 323 apartment units located in the historic downtown of Fort Myers, Fla.  Campo Felice was acquired for $55 million by Westside Capital Group, a real estate investment holding firm based in Miami. The acquisition comes just two weeks after Westside made its debut in the Fort Myers market with the acquisition of another waterfront high-rise apartment property, the 265-unit Oasis Grand II, for $71 million, with the help of a $58.68 million loan also procured by Berkadia. The two properties are located less than two miles apart along the Caloosahatchee River. 

Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami secured a $47.07 million loan on behalf of Westside, representing a 78 percent loan to value. Ladder Capital Finance, LLC provided the four-year, floating-rate loan, with full-term interest only.

“The exceptional location of Campo is undeniable, and it didn’t take long to find a lender who agreed with the Westside’s future vision for the property,” said Foschini. “With a strong, capable operator and the backing of a well-crafted loan, this property will increase in value through an expertly executed transformation, benefiting both residents and investors alike.”

Campo Felice is a landmark property with spectacular amenities in the beating heart of downtown Fort Myers, which unfortunately never achieved its full potential,” said Jakub Hejl, founder and president of Westside. “Under Westside’s ownership, however, the property will immediately benefit from much-needed capital investment, operational expertise and professional management. Our first objective is to work closely with current residents to ensure that their needs are met. We are focused on making sure the transition of ownership yields only positive experiences for the senior residents currently occupying the building. At the same time, we’re also looking forward to working with our neighbors, nearby businesses and local officials as well to ensure this property becomes a true asset to the broader Fort Myers community now and well into the future.”

Located at 2500 Edwards Drive, Campo Felice was originally built as a Sheraton hotel in 1986. It sits on a 3.24-acre site on the south bank of the Caloosahatchee River, directly behind the Fort Myers Yacht Basin, a WPA (1939) marina project that has 241 boat slips. In 2015, The MacFarlane Group acquired and redeveloped the property into a luxury 55+ community. The property features one- and two-bedroom apartments with floor to ceiling windows, and an array of amenities including four dining venues, a resort-style pool with jet spa, a 2,200-square-foot fitness center, a 49-seat movie theater, salon, dog park, ballroom and 521 parking spaces. It sits in the heart of the Historic River District, within walking distance to many restaurants and shops, and easily accessible to destinations like the Florida Repertory Theatre, Fort Myers Library, JetBlue Park, FGCU, and Lee Memorial Hospital. It is also convenient to US-41, I-75, MLK Jr Blvd, as well as public bus transportation. 

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.

 

Westside Capital acquired the Buena Vista apartments in 2018

 

Tampa, Fla. (Sept. 9, 2020) – Berkadia announced today it has arranged a $25 million  loan for the recapitalization of Buena Vista, a 240-unit garden-style apartment community in the Wellswood neighborhood of Tampa, Florida. Senior Managing Director Charles Foschini and Managing Director Christopher Apone secured the loan on behalf of Westside Capital Group, (“Westside”), a real estate investment holding firm based in Miami with multiple apartments in the Tampa area.

Fannie Mae provided the 12-year, fixed-rate loan, with partial interest only at a 70% loan to value.

“Westside Capital had done a remarkable job with this asset since Berkadia provided the original bridge loan two years ago,” said Foschini. “The asset is now fully renovated and stabilized, enabling Westside to access today’s incredibly low interest rates and attractive terms. Working together with Fannie Mae, we were able to provide a loan that was aggressive in dollars, rate and terms, taking full advantage of the value the sponsor has added during its short term of ownership.”

Added Jakub Hejl, Westside’s Founder and President, “As we predicted two years ago, the Wellswood community has continued to expand and attract new investment from both the corporate and real estate community because of its exceptional location and amenities, and we’re very pleased to have started this evolution with our investments. The Tampa economy has proven very resilient relative to the country overall with employment bouncing back in June of this year, driven in part by the region’s finance, industrial and e-commerce sectors.”

Built in 1985, Buena Vista consists of 10 buildings each containing 24 units on a 5-acre site. The property offers a mix of studio, one-bedroom and two-bedroom floor plans, with units averaging 700 square feet. Community amenities include a clubhouse, covered parking, fitness center, swimming pool and other tenant amenities. The property is conveniently located close to Al Lopez Park, St. Joseph’s Children’s Hospital and Raymond James Stadium home to the Tampa Bay Buccaneers of the National Football League (NFL).

 

 


Since acquiring the Buena Vista apartments in 2018, Westside has made a significant investment in the community and acquired another property nearby

 

Tampa, Fla. (September 8, 2020) – Westside Capital Group, a real estate investment holding firm based in Miami, today announced it closed on a $25 million loan to recapitalize Buena Vista, a 240-unit garden-style apartment community in the Wellswood neighborhood of Tampa, Florida. Westside acquired the apartment community in 2018 for $21.25 million, and has since made a multimillion-dollar cap-ex investment in the property. It also acquired another property in the same neighborhood – the 337-unit Watermans Crossing Apartments for $29.5 million – around this time last year.       

Westside, whose holdings include cash-flowing properties and land throughout Florida, remains optimistic on the long-term outlook for North and Central Florida’s real estate market. Earlier this summer, Westside unveiled plans for one of the largest redevelopment projects in the state - a $1 billion Opportunity Zone redevelopment of 128 acres approximately 10 minutes from downtown Orlando. The project proposes thousands of new homes, along with retail, public use space and green space, on a dormant 128-acre site in the heart of Orlando formerly associated with Lake Orlando Golf Club.

 “As we predicted two years ago, the Wellswood community has continued to expand and attract new investment from both the corporate and real estate community because of its exceptional location and amenities, and we’re very pleased to have started this evolution with our investments,” said Jakub Hejl, Westside’s Founder and President. “The Tampa economy has proven very resilient relative to the country overall with employment bouncing back in June of this year, driven in part by the region’s finance, industrial and e-commerce sectors.”

 Since Westside’s initial investment in Buena Vista two years ago, a new medical office building with 30,000 square feet of space opened next door, developers saw an opportunity to build new single-family spec homes along Buena Vista property lines as curb appeal improved, Bank of Tampa opened its new 50,000 square foot office building and St. Joseph’s Children’s Hospital continues to receive ongoing investments from its originally planned $126 million capex plan. Westside investments in the community are completely transforming this part of Tampa and were a catalyst for the entire neighborhood to experience a ripple effect of positive community investment.

Built in 1985, Buena Vista consists of 10 buildings each containing 24 units on a 5-acre site. The property offers a mix of studio, one-bedroom and two-bedroom floor plans, with units averaging 700 square feet. Community amenities include a clubhouse, covered parking, fitness center, swimming pool and other tenant amenities. The property is conveniently located close to Al Lopez Park, St. Joseph’s Children’s Hospital and Raymond James Stadium home to the Tampa Bay Buccaneers of the National Football League (NFL).

Senior Managing Director Charles Foschini of Berkadia’s Miami office arranged the $25 million, 12-year loan from Fannie Mae. It is the fourth time this year that Berkadia has secured Fannie Mae financing for Westside-owned properties, most recently arranging   a $7.5 million loan to refinance Lakeshore Club, a mid-rise multifamily property composed of 50 luxury apartments located in close proximity to downtown Winter Haven, Florida within the Tampa MSA.