Jun 11 '08, 02:23 AMPrevious Buyer could not perform. This will not last now that it is back on the market. Below are the details :
This is a bulk transaction in Florida at 57. on the dollar. The complex consists of 392 condos with 156 of them for sale in this offering with a total Purchase Price of $18,860,160. It is currently 98% leased and the builder will provide a builder lease for the remaining 2% if they are not leased by closing. The property is providing a current CAP rate of 5%. Its total BPO is $33,088,000 which means not only will the units be 100% leased at closed there is $14,227,840 of built in Equity! What is it? A condo conversion in Temple Terrace, Florida and there is an HOA that maintains the common areas, leaving little to no maintenance for the owner. Attached, please find the spreadsheet of available units and their coinciding rents and the floor plans to each unit.
I'm in direct contact with the seller who has full control and authority to sell this project and will supply an LOA upon a buyer's request. Please be advised that this is an all cash purchase with a 2.5% refundable earnest deposit required to open escrow and it is FIRST COME-FIRST SERVED.
According to the the model created for the previous buyer... You should be able the sell 1/2 of these at the CURRENT BPO value and pay for the project. DO NOT TAKE MY WORD !!! Do the numbers YOURSELF !!!!
I do have resources to assist in the SELL portion of your EXIT STRATEGY if needed.
Feel free to contact me for LOA, Escrow instructions, or any additional questions.
ZIP FILE IS 3MB+ Too big to upload.......Shoot me an email, and I will forward the file to you directly.
