Canadian Investment Group Lofton Island Holdings, LLLP has acquired 224 developer-owned units in the Oasis Tower II condo project from Oasis Associates, LLC. The purchase price for the 224 units was $36.7M ($163K/unit). Lofton Island plans to continue the leasing program in this tower.
Based on current selling prices in River District high-rise projects, this average cost per unit of $163K is a bit closer to retail than I was anticipating for a bulk transaction. Shifting this block of 224 units out of unsold inventory and into a rental portfolio is a very positive event for the Fort Myers high-rise market. Buyers will have more comfort purchasing the remaining units in Oasis Tower I without the huge unsold inventory of Tower II hanging over the project like a black cloud.
The Related Group spin doctors must have burned the midnight oil crafting their press release for this transaction with the title “Oasis Dominated River District Luxury Condo Market Sales.” Related Group head huckster Jorge M. Perez further pats himself on the back by proclaiming “Reaching this record number of sales in this short period of time is a significant milestone for the Oasis buyers and residents, as well as the project’s owner; it reaffirms the fact that Oasis is a best-in-class product offering the best value in the marketplace.” That is a good one…..where you have you been the last four years Jorge?
Lofton Island Holdings has experience in the Florida market with assets including The Place at Channelside in Tampa, The Sage in St Petersburg and Downtown Dadeland in Miami. A new owner with true operating experience is a very positive step for this troubled project. Welcome to Fort Myers Lofton Island, it will be exciting to see your team pump some new ideas, energy and excitement into the Oasis project.