Miami entrepreneur buys Bonita Preserve townhomes

BUYER: Jordan BP LLC (principals: Herbert Jordan and Richard Sepler), Miami

SELLER: Fifth Third Bank Ohio

PROPERTY: 16611-26621 and 26601 Robin Way and 11891 and 11901-11911 Red Hibiscus Drive, Bonita Springs

PRICE: $850,000

PREVIOUS PRICE: $2.3 million, April 2006

LAW FIRM ON DEED: Zimmerman Kiser & Sutcliffe PA, Orlando

PLANS, DESCRIPTION: Miami businessman Herbert Jordan purchased the 12-unit Bonita Preserve townhome complex and additional land near Interstate 75 for $850,000.

The price equated to $70,833 per existing unit.

Built in 2008, the development features two six-unit townhome buildings surrounding a man-made lake. The two-story units are all 1,317 square feet and have never been occupied. The property also includes enough land to develop another 21 townhome units.

“The price was very low, and my client is a long-term holder,” says Miami attorney Richard Sepler, who represented Jordan in the transaction. “The property had been taken back in foreclosure and was bought in the open market. He plans to rent out the units until the market restores itself.”

Jordan is president of The Queen's Flowers, the largest importer and distributor of fresh-cut flowers from Colombia. Bonita Preserve is Jordan's first real estate purchase along the west coast of Florida, but he owns other properties in Miami-Dade and Broward counties.