Case Study

Villages of Seloy Broken Condo Development

The challenge

Seloy offered the opportunity to reposition a broken active adult condominium project.  The property was built in 2007 on 67 acres. The beautifully designed club house, pool and gated entrance had been completed along with 18 of the designed 240 unit project. Infrastructure with lift station, curb and gutter with stubbed pads for an additional 44 units were also in place.  The decline in market conditions stalled unit sales of this above average quality project. The original owner was foreclosured on as the property was sold as an REO property.

The strategy

Maximum exposure of the offering was accomplished through strategic Internet and e-mail marketing campaigns, as well as personal contact to active multi-family, senior living, and residential development buyers specifically interested in the Northeast Florida market. The opportunity was exposed to more than 4,200 prospects during the marketing period.  We endeavored to find a buyer experienced with residential/multi-family development  to buy the property in its current as is condition and to further the development without drawing out due diligence timelines with extensive changes to the projects entitlements.  We also engaged in maintaining the current entitlements and permits to the project while maintaining feasibility.

The services

Exclusive Seller & Buyer Representation

The results

Douglas Blair and Robert W. Selton of Colliers International Northeast Florida exclusively represented the seller in the sale, while Fran Pepis of Colliers International Northeast Florida exclusively represented the buyer.  The marketing campaign resulted in a substantial level of activity, with the team identifying over 20 interested parties resulting in thirteen offers. 
Uniflorida was ultimately selected due to their prior construction resume, knowledge of the local market, and recent market activities.The buyer was willing to aggressively create a shortened due diligence time-frame and closing without any modification to the projects entitlements.   The property was put under contract with a 30 day due diligence period and 15 day closing. The buyer closed as contracted.

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