Island Oaks Condominiums

Multi-Family – Debt Offering

Offering Size $2,000,000
Annualized Yield 10% + Profit Sharing
Min. Investment $5,000
Term 24 Months

Why We Like It.

Located in Brevard County, Merritt Island is on the eastern coast of Florida between Cocoa Beach and the mainland.

The community also lies within the Space Coast, an area inside Brevard County that got its name due to its proximity to the Kennedy Space Center and Cape Canaveral Air Force Station.

The area is considered one of the strongest locations in terms of residential sales due to its growing economy and innovative workforce of tech and aviation giants, including Boeing, DRS, General Electric, L3, Lighting Science Group, Lockheed Martin, MC Assembly, Raytheon, Rockwell Collins, Satcom and SpaceX.

Jobs & The Economy

When you think of the right place to invest, do you look for a location that is as successful as you are … A place where on one side there are residents of Fortune 500 companies and on the other, high-tech startups working towards the next great milestone of achievement?

Brevard County has a history of pro-business government, planned and controlled growth with economic development leaders who understand what it takes to maintain a favorable business climate.

From global high-tech companies to mom-and-pop shops, Brevard County’s public and private employers are extremely diversified and offer a wide-range of available career opportunities in many industry sectors.

With 8,500 employees, the Brevard County School Board represents the largest employer in Brevard County, while higher education institutions, such as Eastern Florida State College and Florida Institute of Technology, contribute significantly to the area’s employment.

merritt island real estate investment data

In addition, there are only six locations in the United States with a higher concentration of workers in advanced industries, according to a 2015 Brookings Institute report on the “Hottest Metros for Advanced Industries.” This has a direct correlation with the influx of high-tech giants, which includes the expanding industries of Defense and Aerospace.For instance, Amazon billionaire Jeff Bezos recently unloaded one million shares of Amazon stock to fund Blue Origin and the New Glenn rocket manufacturing facility on Florida’s space coast.

And with new businesses, such as Embraer Executive Jets, SpaceX and Blue Origin, coming to town, the housing demands are on the rise.

In fact, Embraer Executive Jets — one of the world’s leading executive jet manufacturers — was recently named Manufacturer of the Year at the 2017 Economic Development Commission on Florida’s Space Coast. The company employed nearly 700 employees locally over the past six years and has plans to bring on over 500 more employees by 2020.

These innovative companies and new corporations are a prime driver of both employment and economic growth for the local Merritt Island economy — which currently has a median household income of $62,446.

At the moment, Merritt Island has 1,329 full-time positions open for employment, according to various online job boards. Over the next decade, job growth in Merritt Island is estimated to increase by 36.52%.



Island Oaks is a gated, 48-unit multifamily development located on the west part of North Courtenay Parkway, one mile south of SR 528 or Beachline Expressway. The community is only 7 miles west of Port Canaveral, the world’s second busiest cruise port, and about 10 miles south of the Kennedy Space Center, with very limited residential development North of the expressway. Beachline is also the main access road to Orlando and the Orlando International Airport — about a forty-five-minute drive West of Island Oaks.

It goes without saying that Merritt Island is an ideal place to work and play. Although Brevard County has a population of about 600,000, which includes 30 smaller cities and townships, approximately 60% of the people who live in Merritt Island have stayed in the same location for the past five years and more than 80% of the homes are owner occupied.

Merritt Island commuters also spend less time on the road traveling to work. On average, residents spend between 15 to 19 minutes traveling to work, which is about 7 minutes fewer than the national average (26.1 minutes), according to the U.S. Census Bureau. In addition, the island is home to the Merritt Island Wildlife Refuge, one of the top ten wildlife refuges in the state, as well as the NASA Kennedy Space Center — which is only about 10 miles from Island Oaks Condominiums.

Project Overview

Island Oaks will have a total of four buildings, spanning across four acres of land.

Construction on the gated development began in 2007 before the housing market crash. The project was recently contracted by Courtenay Development, LLC after it sat vacant for several years.

Right now, Island Oaks is in various stages of development.

  • Building 1 – A block shell with second floor in place.
  • Building 2 – Started with concrete block in place.
  • Building 3 – First floor block walls in place.
  • Building 4 – Foundation has been poured.

Each building will have three floors with 12 units. There will be a total of 24 two-bedroom units each with 1,163-square-feet of space, and 24 three-bedroom units with 1,250 square feet. Each unit will have two bathrooms and a 90-square-feet balcony.

The Cost Overview

Land Acquisition Costs: $1,500,000
Construction Hard Costs: $6,252,000
Construction Soft Costs: $2,519,520
Total Costs to Capitalize: $10,271,520

The Sponsor

Steve Black has more than 25 years of commercial design and construction experience across a wide span of industries. He has been a resident of North Florida, where he serviced the market for over 16 years. Prior to North Florida, Black lived and worked in Seattle and New York City.

He has a broad range of experience in performing design, preconstruction and construction management services, with an emphasis on project management and client satisfaction. Black understands the necessity of building a strong project team and the complexities of managing all aspects of a project.

Throughout his career in the design-build and owner representative areas, Black has been responsible for the management and/or oversight of preliminary designs, detailed designs and construction administration activities with the projects he’s managed. Black is ultimately responsible for client management and overall satisfaction. His skill sets combine expertise in both design and construction environments. Black works hand-in-hand with architects, engineers and construction project managers, as well as the owner’s team members to ensure that each project meets functional and aesthetic criteria.

How To Invest

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