Westside Capital Group has purchased Oasis Grand II, a 265-unit apartment tower in downtown Fort Myers, Fla., for $71 million. Berkadia helped structure a $58.7 million acquisition loan with Bridge Investment Group on behalf of the buyer. The five-year term, floating-rate financing package includes interest-only payments for the full term at an 80 percent loan-to-cost ratio.
Originally built as a condominium tower in 2008, the property transitioned to fee simple ownership last year. The asset was 98 percent leased at the time of the sale. The new owner plans to invest capital in upgrades to the units and the common amenities.
Westside Capital will manage Oasis Grand II and the adjacent Oasis Grand I, a 240-unit condominium community, through the Oasis Grand Master Association.
The Berkadia team that helped structure the loan included Senior Managing Director Charles Foschini and Managing Director Christopher Apone of the firm’s Miami offices.
Property characteristics
The waterfront location as well as the possibility of future expansion with land acquisition close to the property is what appealed to the company, Westside Capital Founder and President Jakub Hejil said in prepared remarks.
Oasis Grand II is a 32-story building sitting on 1.3 acres at 3040 Oasis Grand Blvd. on the banks of Caloosahatchee River. The property features studios, one- and two-bedroom apartments, as well as three-bedroom townhouses. Units range between 629 and 1,800 square feet, and residents have access to a swimming pool and patio, gym, clubhouse, boat launch ramp and dog park.
In addition, the apartment tower is situated roughly 2 miles from The Financial District and within walking distance of several parks.
The acquisition marks Westside Capital’s first foray into Fort Myers. The Miami-based company has an extensive portfolio in Florida and Alabama and is looking to expand its footprint across the southeast.
In September last year, Westside expanded its Florida portfolio with the $29.5 million purchase of Watermans Crossing Apartments, a 337-unit garden-style community in Tampa. The company worked with members of the same Berkadia team to secure the acquisition financing.
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