Gulfstream Investment Advisors buys Heritage Lake Park units

BUYER: Heritage Lake Partners LLC (principals: Steve and Scott Massey), Coral Gables

SELLER: HLP Residential Holdings LLC

PROPERTY: a portion of Heritage Lake Boulevard south of Rampart Boulevard, Punta Gorda

PRICE: $3.2 million

PREVIOUS PRICE: $1.27 million, January 2011 (included multiple parcels)

LAW FIRM ON DEED: Akerman Senterfitt, Miami

PLANS, DESCRIPTION: Coral Gables-based Gulfstream Investment Advisors Inc. purchased 64 villa and condominium units and 12 building pads in Heritage Lake Park for $3.2 million.

The price equated to $50,000 per residential unit.

“This property was in great shape,” says Steve Massey, a principal in the new owner. “This was not the normal foreclosure we look at. The prior developer did a nice job keeping it up, and once Bank of America came in, they really kept it up. Most of the time, when a property goes through foreclosure someone loses interest in it and the project depreciates.”

The gated community already houses more than 400 residents, and features existing amenities, infrastructure and a functioning homeowners' association, says Massey.

The new ownership plans to put the existing residential units back on that market starting at $65,000 for the smallest units. Villas will start at $119,000 and the largest villas, with 2,1000 square feet, will start at $185,000. Sharon Kerr, a Realtor with Coldwell Banker Sunstar Realty Inc., is marketing the property.

“These units would never sell at the loan level,” says Massey. “We can come in and buy the property and price the units to sell at today's market price. We've only owned the units a week, and we already have six under contract.”

Gulfstream Investment Advisors has put development of the buildings on the additional vacant land on hold until market demand and prices increase. The 12 lots could be developed into a total of 48 residential units. The Masseys estimate that construction on the lots may start in two to three years.

The community already features a pool, clubhouse, walking trails, weight room and two tennis courts.

The purchase was Gulfstream Investment Advisors' first acquisition along the west coast of Florida; it owns other properties in Orlando.

The purchase entity Heritage Lake Partners LLC mortgaged the property to Pensam Capital Funding XV LLC for $2.5 million.