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Wolfson Development Acquires 70-Acre Development Site In Ft Myers, SW Florida For $30M With Buyer's Rep LSI Companies

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SOLD
$30,000,000

New York

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Development Site
Sold 10/26/2022
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SOLD

Wolfson Development Acquires 70-Acre Development Site In Ft Myers, SW Florida For $30M With Buyer's Rep LSI Companies

278 Omni Ln

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Development Site
Sold 10/26/2022
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

Wolfson Development, in partnership with Plain Sight Properties ResiFund, has purchased nearly 70 acres of development land in Ft Myers, Florida for $30 million. This marks the first large-scale build-for-rent (BFR) project in the state for Wolfson Development, a company led by Adam Wolfson and John Mulkey. The planned mixed-use project will include BFR townhomes, apartments, and commercial uses.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $30,000,000
  • Buyer: Wolfson Development - Adam Wolfson & John Mulkey, Plain Sight Properties ResiFund
  • Broker: Justin Thibaut - LSI Companies
  • Market: SW Florida Fort Myers

The collaboration between Wolfson Development and Plain Sight Properties ResiFund represents a significant milestone in the BFR sector in Florida. With the purchase of the development land, these partners aim to create a comprehensive mixed-use project that meets the demand for BFR housing in the area. The involvement of broker Justin Thibaut from LSI Companies ensured a successful transaction.

Players

Justin Thibaut
LSI Companies
Justin Thibaut
8 deals$287.2M volume
BROKER

Details

SOLD
IMAGE: John Mulkey, Adam Wolfson & Justin Thibaut DATE: 10/26/2022 MARKET: SW Florida Fort Myers ASSET TYPE: Development Site BUYER: Wolfson Development (@WolfsonDevelopment) - Adam Wolfson & John Mulkey, & Plain Sight Properties Resifund BROKER: Justin Thibaut - LSI Companies (@LSI_Companies) SALE PRICE: $30,000,000 BSF: 3,049,200 ~ PPBSF: $10 NOTE FROM BUYER: Wolfson Development, the first large-scale BFR developer in the State of Florida, completed the $30mm purchase of nearly 70 acres in Ft Myers Florida in partnership with its private real estate fund Plain Sight Properties ResiFund. The companies (both run by partners Adam Wolfson and John Mulkey) plan to build a significant mixed-use project including Build for Rent (BFR) townhomes, apartments and commercial uses.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,600,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$106,583.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$142,215.31
Annual Debt Service$1,706,583.66