The 265-unit Oasis Grand II features large apartments and two-story townhomes offering breathtaking water views
Fort Myers, Fla. (August 25, 2021) – Westside Capital Group, a real estate investment holding firm based in Miami, today announced the acquisition of the Oasis Grand II, a landmark, 32-story residential tower located on prime waterfront in downtown Fort Myers, Fla. Westside acquired the property in an off-market transaction for $71 million, or approximately $268,000 per unit. Originally built as a condominium in 2008, the property features large studio, one-, and two-bedroom units, as well as several two-story, three-bedroom townhomes featuring panoramic water views. It was 98 percent occupied at the time of the sale.
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. Enhancements to amenities, common areas and individual apartments will integrate cutting-edge building technology with contemporary design touches.
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.
“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.
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.
Berkadia’s Charles Foschini and Christopher Apone secured $58.68 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.
Westside is a diversified real estate investment holding firm with a proven track record in real estate private equity investments, construction & development management and venture capital investments. Founded in 2016, Westside leverages big ideas in small timelines out of its US and European offices. Westside generates attractive returns on capital by defensive, value-added investing in traditional real estate asset classes. It targets cash-flowing properties at discounts to replacement costs with additional non-underwritten upside. It creates value through active management and targeted capital initiatives. Westside establishes individual investment platforms within the firm with a particular desire to strengthen economies of scale, operating expertise, and exit optionality. It’s strategy within asset classes, capital structures and markets, shifts based on macro-economic considerations. For more information about Westside, please visit www.westsidecg.com.