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Cole Schotz Helps Westside Capital Buy Florida Luxury Apartments

Sept. 16, 2021, 10:56 AM

Cole Schotz said it represented real estate investment firm Westside Capital Group on about $126 million in recent acquisitions and financing of two waterfront properties in Fort Myers, Fla.

In a deal that closed Sept. 7, Miami-based Westside acquired a 24-story residential apartment building, including vacant commercial and retail spaces, from Campo Felice Phase I LLC.

The purchase price was $55 million, with $47 million in financing from Ladder Capital Finance LLC, according to a statement.

Westside said it intends to inject up to $5 million into the property, which it said suffered from the previous owner’s financial distress due to the pandemic.

In a deal that closed Aug. 23, Westside bought a 265-unit, 32-story residential apartment building, known as Oasis Grand, Tower II, which it called “the most luxurious waterfront highrise residential tower in Ft. Myers.”

The seller was Lofton Island Developments LLC and Lofton Island Holdings LLC. The purchase price was $71 million, with $57 million in financing provided by Bridge Debt Strategies Fund Manager LLC, the statement said.

The two properties are located less than two miles apart and overlook the Caloosahatchee River.

To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
To contact the editor on this story: Chris Opfer in New York at copfer@bloomberglaw.com; John Hughes in Washington at jhughes@bloombergindustry.com

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