FOR SALE: 366 Apts. NOT LISTED

E-mail me for more details and pictures.

Cashnotes2010@gmail.com



Note: This REO Asset is under appeal by borrower. All bids are subject to approval by participating banks
FOR SALE


MIAMI

FLORIDA


366 Units Not Listed


The subject property consists of 366 un-sold units located within an 856 unit garden style apartment complex.

Phase 1 contains 18 three-story buildings which total 504 units.

Phase 2 contains 17 two-story buildings which consist of 352 units.


The facility embarks:

* Club House
* Fitness Center
* 4-swimming pools
* 2-spas
* 2-lighted Racquetball Courts,
* Lighted tennis courts,
* Playground,
* Picnic area,
* BBQ area,
* Car wash Facilities
* All controlled by access gates.

As of the 4th quarter 2009, Dade County Residential Market had a vacancy rate of approximately 6.3%. Vacancy rates are fore-casted to-
stabilize in 2010.

Effective rents are projected to be roughly between $850 to $1,200 depending on the unit.


Court Yard


Lighted tennis courts


lighted Racquetball Courts



Car wash Facilities
Asking Price: 10% Commission PAID by BUYER on Accepted Executed Contract between Lender (s) & Direct Buyer (Purchaser).


Full Disclosed Marketing Agreement Grants NO RIGHTS for Commission from Seller (Lender) to any parties involved hereunto.

Therefore, the 10% Commission fully covers all parties already involved and additional Brokerage fees if required.

Instead, Carlos Properties assisted by INFINITE TITLE SOLUTIONS will pay out any Realtors, Investors, Wholesalers & or Attorneys for Co-Brokering, Joint Venture and or assisting conducting Transaction.




366 individual Folios


LOAN # REO

LOAN AMOUNT $31,000,000








FOR INTERESTED PARTIES ONLY. Buyers are required to provide & disclose Proper and verifiable Proof of Funds (POF) along with Contract Commission agreement to:

I N F I N I T E - T I T L E - S O L U T I O N S

Subject to receiving Buyer’s documentation, Carlos Properties will provide buyer (s) with the topics listed below.

*
2008 & 2009 Appraisals between-
*
$25MILL to $28MILL
*
Promissory Note Documents.
*
Property Management agreement.
*
Judgment documents &
*
Amendment to participation Agreement.



As per Lender’s request, they would like to settle between $15 Million to $16 Million for 366 -units.

As per Carlos Properties request, I suggest to offer as low as possible with the right documentation and POF.

Counter offers will be provided within 72 hours.





LATEST RENT ROLL STATEMENT




Mar-10



Contract


Rents Collected



%
Units

Rents


Mar-10

Occupied Units
Leased - Current

284

Leased - Renewals

9

Leased -With Notice Given

2

Leased - Pending Eviction

0

Total - Occupied

80.60%


295


$295,188.00
$244,895.60


Cannibalized Units

4

Fired Damaged - Out of Service

1

Models & Shops

5

Subtotal

2.73%


10

Vacant Units Available for Rent

16.67%


61


Total - Vacant

19.40%


71

Plus Other Adm. Fees $8,729.88
Funds collected but not dep. ($1,409.00)
Rent Collected for March $252,216.48


Plus Returned Checks $2,626.00

Deposits - per Bank Statement

100.00%


366
$254,842.48



* There were 3 checks returned this month, all 3 were paid.



* 23 units were made ready for move-in; 21 tenants moved-in ,15 tenants moved-out .



* These units are cannibalized and we are waiting for a decision to repair them or keep them as they are.



* This unit has fire damage and we are waiting for a decision to repair it or keep it as it is.























* These units are used as models and maintenance shops, they are not tenant occupied.




The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not
verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its
accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent
the current or future performance of the property. The value of this transaction to you depends on tax and other factors
which should be evaluated by your tax, financial, and legal advisers. You and your advisers should conduct a careful,
independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.


Christopher A White
Fast Note Seller
806-401-1015
Cashnotes2010@gmail.com
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