GRANDE OASIS OF CARROLLWOOD
8649 N. Himes Ave. Tampa Fl
Bulk Unit Acquisition
Individual Units Purchased
Increase in Ownership
Total Ownership Percentage
Grande Oasis is a 1,000 unit multifamily property built in 3 phases on 60 acres in Tampa, FL. The property was purchased for condominium conversion in 2005 and sold 504 units averaging $250,000 each before the collapse of the real estate market. As a result, the owners defaulted on the acquisition loan which was subsequently purchased by a large equity firm. Advisory services were provided to the equity group regarding the operations of the property and the COA in order to help stabilize the property.
In 2011 an offer to purchase the note was negotiated and the subsequent buyer closed the transaction and successfully foreclosed on the property taking ownership of the asset. Vertica was subsequently hired by the buyer to continue to provide advisory services and to implement a Condo Repurchase Program to acquire additional units within the community. The repurchase program has been incredibly successful with more than 200 units acquired to date at an average acquisition price of $35,000 per unit.
In 2014, lightning struck one of the buildings causing a fire and extensively damaging the entire structure making it uninhabitable. Vertica was consulted with as there were significant issues unique to this particular situation as the bulk owner owned 16 of the 24 units and the remaining 9 units were owned by individual investors. Navigating the insurance for the community, bulk owner and each individual unit owner required specific layers of expertise which was provided by the Vertica team. Vertica was also ultimately hired for the reconstruction of the building which is currently under re-construction.