RealtyeVest has a stake in all real estate investments offered in our marketplace.
RealtyeVest is offering investors the opportunity to capitalize on a three-story, 48-unit condominium development in Merritt Island, Fla.
The four-building development is being constructed on a 3.9-acre parcel located off North Courtenay Parkway. The submarket is in an area that is in dire need of real estate developments. There is currently fewer than 90 days of inventory.
Right now, Island Oaks is in various stages of development.
A structural integrity study on the project found a few minor repairs needed on the structures. The cost of the study has been factored into the budget.
The build will be completed in two phases, with the first encompassing the completion of 24 units in buildings one and two, as well as the swimming pool, club house, entrance gate, landscaping and pond.
The targeted selling price for the first phase is $205,000, and includes 11 two-bedroom, two-bathroom units, and $225,000 for 12 three-bedroom, three bathroom units. The remaining two-bed, two-bath unit is designated as a model unit.
Phase two will consist of completing buildings three and four, with a targeted selling price of $220,000 for the two-bedroom, two-bathroom units, and $240,000 for the three-bedroom, two-bathroom units.Investment Timelines in Months
1-4: Acquire Land, Award Contracts, Begin Design Process, Begin and Complete Permitting Process and Begin Phase One Construction
4-12: Complete Design Process, Begin Phase One Pre-sales and Complete Phase One Construction, Begin Phase Two Construction and Begin Phase Two Pre-sales
10-16: Complete Phase One Sales Closings, Complete Phase Two Construction and Complete Project Closeout
16-24: Complete all Sales and Closing for Phase Two
The offering materials to be reviewed and considered by investors with respect to this offering include the information described in the website content relating to this offering (as amended and supplemented through and until the closing of the transaction) and the subscription agreement relating to such securities (see the "Documents" tab). We refer to all of this information collectively as the "Property Information Package". Investors should review the Property Information Package in its entirety before investing and should consult with appropriate legal, tax, and investment advisors. Please note that RealtyeVest is not serving as your fiduciary or advisor with respect to this opportunity.
Below are certain risks associated with this investment that should be carefully reviewed prior to any investment in this opportunity:
Forward-Looking Statements: Investors should not rely on any forward-looking statements made regarding this opportunity, because such statements are inherently uncertain and involve risks. We use words such as “anticipated,” “projected,” “forecasted,” “estimated,” “prospective,” “believes,” “expects,” "plans,” “future,” “intends,” “should,” “can,” “could,” “might,” “potential,” “continue,” “may,” “will,” and similar expressions to identify these forward-looking statements. Similarly, the financial forecasts contained herein and in any other offering materials are based on numerous assumptions. Although these assumptions are believed to be reasonable, they are all subject to uncertainty. Non-Transferability of Notes: The transferability of the Company's Notes is restricted both by the subscription agreement for that entity and by U.S. federal and state securities laws. In general, investors will not be able to sell or transfer the Notes. There is also no public market for the Notes and none is expected to be available in the future. Moreover, although there is a defined redemption date for the preferred equity investment in the Fund, an extension option may be exercised and in any event, there can be no assurance that the investment will be liquidated at or promptly after such maturity date (as it may be extended). Persons should not invest if they require any of their investment to be liquid. This is particularly important for persons of retirement age, who should plan carefully to assure that their assets last throughout retirement.
Real Estate Market Risk: Investments related to real estate are subject to market valuation risks that may be caused by changing economic and local market conditions such as local real estate market conditions, prevailing interest rates, the rate of unemployment, the level of consumer confidence, the value of the U.S. dollar, energy prices, changes in consumer spending, the number of personal bankruptcies, disruptions in the credit markets and other factors. Such conditions are beyond the control of the Company and of the Fund. Real estate markets are affected by many factors, such as general economic conditions, supply and demand for real estate investments, interest rates, the availability of financing, and other factors, all of which are beyond the control of both the Company and the Fund.
Borrower Credit Risk: The Company’s obligation to make payments on a Note will not be guaranteed for the length of the term corresponding to the borrower’s loan. The Company (and thus investors) will be relying on the borrower for the execution of its business plan in a way that enables the sponsor to repay the principal of the corresponding borrower loan. The borrower may not have a significant record of performance and may be unable to sell or refinance the underlying property in a way that enables the borrower to fulfill its obligations under the corresponding borrower loan. The borrower loan is being made with respect to a property that does not generally meet the financing criteria for conventional mortgages from institutional sources. Credit risk is inherent in the mortgage lending industry, and there can be no assurance that the creditworthiness of the borrower will be sufficient to assure the full repayment of the underlying borrower loan. The Company does not guarantee payment of the Notes or the corresponding borrower loan, and the Notes are not obligations of our borrower.
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.
LocationIsland Oaks Condominiums is located on Merritt Island, a beautiful slice of sub-tropical paradise surrounded by lakes, rivers and some of the best surfing waves along the Eastern Seaboard.
The community also lies within in 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.
Island Oaks is 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, a forty-five-minute drive West of Island Oaks.Overview
Island Oaks is a gated, 48-unit multifamily development on Merritt Island.
Construction on the development began in 2007 before the housing market crash. The project was recently acquired by Suncoast Hospitality after it sat stagnant for several years.
Island Oaks will have a total of four buildings, spanning across four acres of land. It is located on the west side of North Courtenay Parkway on Merritt Island about a mile south of Beachline.
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 buildings are u-shaped and will face North to surround the future clubhouse and swimming pool. The exterior portions of the buildings will be contemporary with stucco and accent designs. Every two buildings will be paired with a central staircase and elevator.
The gated entrance will have a retention pond with a center lit fountain, attractive landscaping and a six-feet fence that surrounds the community.
Island Oaks will also feature 48 parking garages.
The unit models will have upscale interior finishes, including stainless steel appliances, quartz countertops in the kitchen with tiled backsplashes, cultured marble in the bathrooms, rounded corner beads. In addition, there will be wood tiles in the common areas, lighting fixtures, textured walls with satin paint, carpeted bedrooms and baseboards.
|Property Address||North Courtenay Parkway Merritt Island, FL 32953|
|Property Type||Multi Family|
|# of Bedrooms||120|
|# of Bathrooms||96|
Merritt Island, located in Brevard County, is on the eastern coast of Florida between Cocoa Beach and the mainland. The island does not belong to any official city. The central part of Merritt Island, previously known as Merritt City, is home to the majority of the island’s population and includes the local high school, library and shopping district.
Brevard County has a population of about 600,000, which includes 30 smaller cities and townships. It is considered one of the strongest locations in terms of industrial employment. 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. And with new businesses, such as Embraer, SpaceX and Blue Origin, coming to town, the housing demands are on the rise.
Merritt Island is a wonderful place to call home. Approximately 60% of the people who live in Merritt Island have stayed in the same home for the past five years and more than 80% of the homes are owner occupied. This indicates that for the majority of its residents, the area is a wonderful place to call home.
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.
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 Eastern Florida State College and Florida Institute of Technology contribute significantly to the area’s employment.
The county’s three major hospital/health service providers represent the biggest employers in the area’s dynamic healthcare field.
The aerospace industry is among the key components of the local economy. NASA and its contractors — URS Corporation, Lockheed Martin Space Systems and United Launch Alliance — are dominant players in the northern part of the county.
Other major local employers in the aerospace field include Rockwell Collins Inc. and Northrop Grumman Corp. Northrop Grumman announced in 2014 its plan to bring 1,800 jobs to the Space Coast. The jobs will stem from the additional expansion plans at the company’s campus in Melbourne.
One of Brevard County’s largest corporate employers is Harris Corp., a company that carries out a range of government, military and commercial endeavors. DRS Technologies and its various local divisions also have a major job influence in Brevard County, along with Intersil, Symetrics Industries and Craig Technologies.
Embraer began operations in 2011 at its assembly facility at the Melbourne International Airport and established its executive jet headquarters adjacent to the assembly plant. In October 2014, Embraer hosted a groundbreaking ceremony on the site of its new assembly building for the Legacy 450 and Legacy 500. This new facility will bring about 500 new jobs to the area.
Merritt Square Mall is considered a local hot-spot for tourists, residents and aerospace employees. Located near Cape Canaveral and Cocoa Beach, this enclosed mall is a one-stop shopping, dining and entertainment destination. The mall is anchored by large brands, such as Dillard’s, JCPenney, Macy's and Sears, as well as specialty retailers like Bath & Body Works, Finish Line, Victoria’s Secret and Yankee Candle.
The World-Famous Ron Jon Surf Shop in Cocoa Beach, a surfer style retail store chain founded in 1959, is currently the largest surfing shop in the world. Ron Jon specializes in surfing and bodyboarding equipment, and offers the hottest brand names of surfboards, bodyboards, skateboards and other apparel.
Historic Downtown Cocoa Village, the downtown core of the City of Cocoa, has evolved into one of Brevard County’s premier shopping and entertainment districts.
Cocoa Village is one of the Space Coast’s most well-known destinations for those looking for a unique shopping and dining experience in a relaxed atmosphere. Residents and tourists are often seen walking along the village’s historic, tree-lined streets, shopping and enjoying its nostalgic riverside community. On the weekends, it’s a popular spot for gourmet restaurant dining and broadway theatre. The historic Cocoa Village Playhouse is known as the “Broadway on Brevard” and is regarded as one of the highest quality theaters in the United States.
The Avenue Viera is an outdoor lifestyle center concept in Viera that consists of 600,000-square-feet of retail stores with specialty shops sprinkled in-between. The Avenue offers a dynamic mix of premier national retailers, select local merchants and specialty restaurants reflective of the local demand and fashion trends.
The Avenue Viera has a unique outdoor shopping atmosphere that encourages guests to relax and stay awhile. Visitors can enjoy palm tree-lined sidewalks, a central park green space with a fountain, patio dining and storefront parking. The Avenue Viera is an experience all on its own.
Parrish Medical Center is a public, not-for-profit, 210-bed acute care hospital in Titusville — located within sight of the launch towers at Kennedy Space Center. PMC has earned four disease-specific Gold Seal certifications for patient care from the Joint Commission — America’s premier health care accrediting organization —for acute coronary syndrome, breast cancer, heart failure and stroke. PMC has earned the following honors for care and service: America’s No. 1 Healing Hospital for three straight years; J.D. Power Distinguished Hospital Award; Consumer Reports safest hospital in Florida; Modern Healthcare Magazine's Top 100 Best Places to Work in Healthcare and Spirit of Excellence Awards; HealthGrades Outstanding Patient Experience Award; Hospital of Choice Award; and National Spirit of Women Premier Hospital.
Opened in 2002, Wuesthoff Medical Center–Melbourne is unique, inside and out. All 119 private rooms are designed for patient comfort and satisfaction. The interior of Wuesthoff Medical Center–Melbourne is unlike any other hospital in the area, with its soothing and cheerful colors and comfortable furnishings throughout. Fully accredited by the Joint Commission, the Melbourne medical center has been the recipient of many awards for patient care and business excellence.
Wuesthoff Melbourne is part of Steward Health Care — a fully integrated national health care services organization that is committed to providing the highest quality of care in the communities it serves. Steward owns and operates 18 community hospitals across four states and has more than 23,000 employees.
Brevard County Community College, located in Cocoa, is a mid-size, two-year community college offering undergraduate programs. The college has an open admission policy, which permits enrollment to any high school graduate or GED holding student. 5,560 students are enrolled on a full-time basis, and 10,033 attend part-time.
Florida State University College of Medicine Daytona Campus is a community-based medical school. The Florida State University College of Medicine provides third- and fourth-year clinical training at regional medical school campuses around the state through affiliations with local physicians, ambulatory care facilities and hospitals. At the Regional Medical School Campus in Daytona Beach, courses are offered in family medicine, internal medicine, pediatrics, surgery, obstetrics-gynecology, psychiatry, geriatrics and emergency medicine. The regional campus is located on the Daytona State College campus.
At the Regional Medical School Campus in Daytona Beach, courses are offered in family medicine, internal medicine, pediatrics, surgery, obstetrics-gynecology, psychiatry, geriatrics and emergency medicine. The regional campus is located on the Daytona State College campus.
University of Central Florida, or UCF, is a metropolitan public research university in Orlando. It is the largest university in the United States by undergraduate enrollment, as well as the largest in total collegiate enrollment.
The majority of the student population is located on the university's main campus, 13 miles from downtown Orlando, and 48 miles west of Merritt Island. The university offers more than 200 areas of study throughout 13 colleges and 12 satellite campuses in Central Florida. Since its inception, UCF has granted more than 290,000 degrees, including 55,000 graduate and professional degrees to over 250,000 alumni worldwide.