Sarasota firms buy 72 Oasis Tower units

BUYER: Domus Group II LLC (Gravitas LLC and AR Group Investments II LLC), Sarasota

SELLER: Oasis Associates LLC

PROPERTY: 3000 Oasis Grand Blvd., units 402, 406, 407, 502, 503, 605, 705, 905, 1003, 1105, 1205, 1402, 1406, 1603, 1605, 1606, 1703, 1802, 1902, 1905, 2002, 2005, 2102, 2105, 2202, 2203, 2303, 2302, 2305, 2402, 2403, 2405, 2502, 2503, 2505, 2602, 2605, 2606, 2702, 2703, 2705, 2802-2806, 2903-2906, 3003-2007, lower penthouses 2-7, middle penthouse 2-7 and upper penthouses 3 and 5-7, Fort Myers

PRICE: $10.66 million

PREVIOUS PRICE: $12 million, December 2004 (includes additional property)

LAW FIRM ON DEED: Greenberg Traurig PA, Miami

PLANS, DESCRIPTION: Floridays Development Co. and the investor group Gravitas LLC purchased 72 condominium units in Oasis Tower I for $10.66 million.

The price equated to $148,107 per unit.

Miami's The Related Group completed the 17-acre, two-tower high-rise condominium project The Oasis during the residential crash. The 32-story Oasis Tower I in downtown Fort Myers features a total of 200 condominiums.

The two Sarasota companies purchased the remaining unsold inventory of condos, which included 16 penthouse units.

“Our modus operandi is to make opportunistic acquisitions,” says Angus Rogers, principal and founder of Floridays Development. “Over the last year or so this [property] has a good sales history that's very compelling. The nice thing is for the amount of money we spent to buy these [condominiums] is literally half of what it would cost to build them. Fortunately, the original developer that was involved in the project did a wonderful job and there aren't the kind of issues that have haunted other projects.”

The new owners plan to gradually put the units back up for sale based on market demand. Market America Realty and Investment Group of Fort Myers has been hired to handle marketing the units.

The business model is nearly identical to a project the partners are working on at the 5300 Lofts development in Atlanta. The Sarasota firms purchased 130 of the development's 242 total units. They have sold off 124 of those units in 15 months, according to Rogers.

The joint purchase entity, Domus Group II LLC mortgaged the 72 Oasis units to Seaside National Bank & Trust for $6 million and to the Randall A. Bono Revocable Living Trust for $5 million.