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13th Floor Investments Acquires Mirasol at Coconut Point
Posted February 15, 2012
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13th Floor Investments, a vertically integrated, Miami-based real estate investment and management firm, announced today that it has successfully closed on the purchase of the Mirasol at Coconut Point residential community in Bonita Springs, Florida. The property was acquired through 13th Floor Investment's Florida Real Estate Value Fund from the community's developer, Naples-based ALV Coconut Point. Terms of the deal, which closed January 31, were not disclosed.
The Mirasol development consists of 34 completed residences, a completed clubhouse, gatehouse, pool and fitness center as well as developed lots for an additional 190 residences. 13th Floor Investments is considering reducing the density of the original developer's site plan to allow for fewer than 190 additional units, in order to provide larger and higher-value condominiums for home buyers.
"Since closing our discretionary real estate private equity fund in September 2010, we have been successful in identifying, acquiring and turning around distressed real estate properties," said Arnaud Karsenti, managing principal with 13th Floor Investments. "Mirasol at Coconut Point fits ideally within our investment and development strategy."
Since opening Mirasol in 2008, ALV Coconut Point was only able to close on one sale. 13th Floor Investments now intends to enhance the property by refreshing and replacing landscaping, cleaning and touching up the existing homes and implementing a regular community maintenance program before it begins marketing all the existing homes for sale.
"In addition to investing in community improvements, we also developed a new pricing structure to attract homebuyers in this economy," said Robert Suris, principal with 13th Floor Investments. "Prices will now begin in the mid-$100s, where the original developer had them starting at $250,000."
As for the future of the community, Suris says 13th Floor Investments is exploring options, including completing the development themselves, looking for a builder partner in the project, or selling the vacant land to a third-party builder.
Mirasol at Coconut Point is centrally located between Ft. Myers and Naples, just west of I-75 in Bonita Springs on Florida's Gulf Coast. The property is adjacent to the 1.2 million square-foot Coconut Point Mall, which features more than 100 stores, two dozen restaurants and a movie theater. The Mediterranean-style community currently features one-, two- and three-bedroom homes with garages in both one- and two-story configurations. Homes range in size from 900 square-feet to more than 1,400 square-feet and feature nine-foot ceilings with crown moldings, granite countertops, stainless steel appliances and full-sized washers and dryers.
The Mirasol purchase marks the third acquisition in five months and the eighth deal in total for 13th Floor's Florida Real Estate Value Fund. The previous two purchases were Summit Place and Bristol Pines, both in Naples.
About 13th Floor Investments
Miami-based 13th Floor Investments is an established market leader in successfully acquiring and managing real estate projects throughout Florida. The company specializes in value-oriented real estate investments and has acquired more than $200 million in real estate assets since its inception in 2006. In September 2010, 13th Floor Investments closed on a fully discretionary private equity vehicle, the Florida Real Estate Value Fund. Having now deployed a substantial amount of the commitments in that Fund, 13th Floor Investments plans to launch its second private equity real estate fund in 2012. The company's in-depth market knowledge, coupled with a streamlined decision-making process and discretionary capital, make it a first option for lenders and sellers looking to dispose of assets in an expedited manner. For more information, call (786) 220-0460 or visit www.13fi.com.
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