Conway Crest Condo Community and Belle Isle Mobile Home Park Sell for $5.1M
23 Feb, 2011, Orlando
Cushman and Wakefield of Florida announced that ConwayIG, LLC has purchased the 29-unit Conway Crest Condominium Community and 2.6-acre Belle Isle Mobile Home Park, located directly on the Conway Chain of Lakes in Belle Isle, Florida.
Cushman & Wakefield's Apartment Brokerage Services team of Jay Ballard, Ken Delvillar and Lindsey Pfaender represented the seller, Redus Florida Condos, LLC in the $5,175,000 transaction. "The deal size meant that the investor pool was pretty wide, as deals under $10 million seem to be attracting plenty of interest," said Ken Delvillar, Associate Director.
An REO asset, the property was offered on a cash basis with no financing contingency. and the Apartment Brokerage team qualified an extensive list of investors prior to letters of intent being accepted. "This REO sold asset attracted plenty of interest from investors as a result of the opportunity to purchase an asset at well below estimated replacement cost," said Jay Ballard, Senior Director, Apartment Brokerage Services Team.
"We expect to see more assets coming to the market from lenders and special servicers in the first half of 2011," said Delvillar. "Investor are showing renewed interest in acquisitions, as their equity buckets are full."
Conway Crest offers a mix of luxurious new condominium and townhome product on Lake Conway with direct access to the lake provided by a private on-site boat ramp. The Belle Isle community is minutes from SR 528 and the Orlando International Airport. Built in 2008, this community was originally 90 percent pre-sold, but due to unfavorable market conditions, no units were successfully closed and the lender was forced to foreclose on the borrower.