Mirasol at Coconut Point sells for $5.5 million

BUYER: Mirasol Holdings LLC, Miami

SELLER: ALV Coconut Point LLLP

PROPERTY: 20000 block of Alamanda Drive, Bonita Springs, (Every unit except for 9-104)

PRICE: $5.5 million

LAW FIRM ON DEED: Alhadeff & Sitterson PA, Miami

PLANS, DESCRIPTION: Miami-based real estate investment and management firm 13th Floor Investments purchased most of the Mirasol at Coconut Point residential community in Bonita Springs for $5.5 million.

The purchase included 34 completed residences, a clubhouse, gatehouse, pool and fitness center as well as developed lots for an additional 190 residences.

The property was acquired through 13th Floor Investment's Florida Real Estate Value Fund from the community's developer, Naples-based ALV Coconut Point. Since opening Mirasol in 2008, ALV Coconut Point was only able to close on one sale.

13th Floor Investments says it is considering reducing the density of the original developer's site plan of 190 additional units in order to provide larger and higher-value condominiums. It is considering a number of options for the future development of the property, including doing the developing itself, having a builder partner in the project, or selling the vacant land to a third-party builder.

In the short-term, the buyer plans to refresh and replace the landscaping, clean and touchup the existing homes and implement a regular community maintenance program prior to marketing the existing homes for sale.

Prices are expected to start in the mid-$100s, down significantly from the prior owner's starting point around $250,000. Homes in the community range in size from 900 square feet to more than 1,400 square feet.

The Mediterranean-style Mirasol at Coconut Point is adjacent to the 1.2 million-square-foot Coconut Point Mall.

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.

Miami-based 13th Floor Investments has acquired more than $200 million in real estate assets since its inception in 2006.