OASIS TOWER ONE IS SOLD OUT!
Oasis Tower One in downtown Fort Myers is sold out! The last of the investor units owned by Domus Group ll, LLC closed February 19th. Miami’s based the Related Group completed the two tower, 424 unit project during the residential crash and owed Bank of America $157 million for the construction loan. Since only a handful of the original buyers actually closed on their units, Tower 2 was turned into the rental tower.
In 2010, the Related Group out of New York formed a joint venture with Lupert-Adler, a private equity firm out of Philadelphia. Oasis, LLC purchased both Tower One and Tower 2 for $65 million, which was a fraction of the cost to build. Tower 2 was then sold to Lofton Island Holdings, LLC in 2011 with the understanding that it would remain a rental tower and not compete with the 200 units in Tower One for sales. Oasis, LLC went on to sell 128 units and in 2012 sold the remaining 72 units to Domus Group ll, LLC.
Now that Tower One is sold out, it is widely speculated that Tower 2 may start selling.
Stay tuned for updates!
Fort Myers High Rise specialist