Cambridge affiliate buys 18 residential units

Cambridge affiliate buys 18 residential units

BUYER: Del Ray Condominium Properties LLC (principal: James Farese), Naples

SELLER: Joseph Sidoti

PROPERTY: unit 107, building 9 and unit 202, building 14, The Reserve at Naples Condominium; units 506, 5010 and 5011, building 5, Naples Big Cypress Industrial Park; units 4-103, 4-208, 5-103, 11-103, 13-191 and 13-207, The Gardens at Bonita Springs condominium; unit 931, building 9, unit 116, building 1 and unit 127, building 1, San Mirage at Bonita Springs condominium; unit 1B, building C, units 1 and 2, building J, Gulf Hideway I; and unit 1, building 500, Constitution Plaza condominium

PRICE: $1.2 million

LAW FIRM ON DEED: Coleman Yovanovich & Koester PA, Naples

PLANS, DESCRIPTION: Del Ray Condominium Properties LLC, a company affiliated with Naples property management company Cambridge Management of Southwest Florida, purchased 18 units in six condominium developments in Lee and Collier counties for $1.2 million.

The purchase price equated to $66,667 per unit. The property was contained in a single portfolio and had recently been foreclosed upon by a private lender.

“The lender had taken them back in foreclosure but didn't want to manage them,” says James Farese, president and founder of Cambridge Management of Southwest Florida. “That's our business, so we bought them and will manage them. They're all rented right now, and cash flowing. We just plan to maintain them until the market turns around. The previous owner bought them for $3.6 million. They are also in projects that are pretty well occupied so we are comfortable that if we had to get new tenants we could.”

The private lender, Joseph Sidoti, also provided the buyer a $1.1 million mortgage on the property for what Farese describes as very favorable terms.