Oasis Grand II

Westside Capital Group Purchases Residential Tower in Downtown Fort Myers for $71M

by Julia Sanders

FORT MYERS, FLA. — Westside Capital Group, a Miami-based real estate investment firm, has purchased Oasis Grand II, a 32-story residential tower located in downtown Fort Myers. Westside acquired the property in an off-market transaction for $71 million, or approximately $268,000 per unit. Geosam, a Canadian-based developer, was the seller.

Originally built by Related Group as a condominium in 2008, the Oasis Grand II features studio, one- and two-bedroom units ranging from 629 square feet to 1,700 square feet. The property also includes several two-story, three-bedroom waterfront townhomes with up to 1,800 square feet of space. Located at 3040 Oasis Grand Blvd., the property is situated on a 1.3-acre site along the Caloosahatchee River. The tower was 98 percent occupied at the time of the sale. Westside Capital will invest in improvements to the property, including enhancements to amenities, common areas and individual apartments.

Community amenities include gated-entry; a fitness center; clubhouse and social lounge with wet bar, TV and Wi-Fi; a private boat launch ramp; gated pet run; library; a pool deck with poolside cabanas and lounges; private barbecue and picnic areas; and men’s and women’s spa facilities with saunas and showers.

As part of the purchase, Westside Capital will also maintain control and management over the Oasis Grand Master Association, which includes Oasis Grand I, an adjacent residential tower with 240 individually owned condominium units.

Charles Foschini and Christopher Apone of Berkadia secured $58.7 million in acquisition financing on behalf of Westside Capital. Bridge Investment Group provided the five-year, floating-rate loan with full-term interest-only payments. Cole Schotz P.C., a law firm, represented Westside Capital Group, in connection with the acquisitions and financings of Oasis Grand II. Bridge Debt Strategies Fund Manager LLC provided $57 million in financing.

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