Florida & Gulf Coast CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Westside Capital Group Acquires Fort Myers MF Tower for $71M
Real estate investment holding firm Westside Capital Group has acquired Oasis Grand II, a 32-story multifamily tower in downtown Fort Myers, FL. The sales price was $71 million.
Originally built as a condominium in 2008, the property features studio, one- and two-bedroom units as well as several two-story, three-bedroom townhomes with panoramic water views. At the time of sale, the community was 98% occupied. As part of the purchase, Westside Capital will also maintains control and management over the Oasis Grand Master Association, which includes Oasis Grand I – an adjacent residential tower with 240 individually owned condominium units. Located on a more than one-acre site at 3040 Oasis Grand Blvd., Oasis Grand sits on the Caloosahatchee River, a few blocks from downtown Fort Myers.
Berkadia’s Charles Foschini and Christopher Apone secured $58.6 million in acquisition financing on behalf of Westside Capital. Bridge Investment Group provided the five-year, floating-rate loan, with full-term interest only, representing an 80 percent loan to cost.
- ◦Sale/Acquisition
