Habitat for Humanity of Lee, Hendry buys Majorca Palms Estates

BUYER: Majorca Palms LLC (Habitat for Humanity of Lee and Hendry Counties Inc.), North Fort Myers
SELLER: PNL New Era LLC
PROPERTY: a large portion of Palma De Nova Lane and Majorca Palms Drive, Fort Myers
PRICE: $3.47 million
PREVIOUS PRICE: $1.48 million, February 2011
LAW FIRM ON DEED: Vanessa N. Cohn Esq., Tampa

PLANS, DESCRIPTION: Habitat for Humanity of Lee and Hendry Counties Inc. purchased the partially developed Majorca Palms Estates property for $3.47 million.

The community features 60 completed duplex units and land for another 84 duplexes. Habitat for Humanity acquired the property with plans to convert the undeveloped land into 42 single-family home lots. The vast majority of the units are rented out to tenants.

“Originally we were interested in just the lots, but the price point made it extremely attractive to buy the entire community,” says Katherine “Kitty” Green, president and CEO of Habitat for Humanity of Lee and Hendry Counties. “Even when we are given a lot we usually to have put in a well and septic and then we're paying more than we would be paying here. We decided we could continue to rent the duplexes to pay for the debt service while we're building on the lots, and eventually we could sell off the units to homeowners. That way we could address the varying needs and income of Habitat owners.”

Green says the community's location, just west of Interstate 75 between Palm Beach and Dr. Martin Luther King Jr. boulevards, was ideal because of easy access to job centers.

Andrew DeSalvo and Matt Stepan of Premier Commercial Inc. represented the buyer and Jim Doane Jr. and George Vukobratovich of the Welsh Cos. Florida Inc. represented the seller.

Habitat for Humanity expects to start building on lots in the spring. It will likely construct six to eight homes in the community every year.

Habitat for Humanity's purchase entity, Majorca Palms LLC, mortgaged the property to Florida Community Loan Fund Inc. for $2.9 million.