Waterside at Bay Beach
The Waterside at Bay Beach community, located on the southernmost end of Estero Island, is a gated, luxury high-rise development featuring seven condominium buildings with a mile of frontage on Estero Bay. Halstatt Real Estate Partners took control of 19 unsold units, which were located in Waterside at Bay Beach Phase VII (the Manatee Bay building), a 58-unit high rise tower with 10 floors of residential units above ground floor parking. The acquisition also included an adjacent 2.05-acre development parcel with in-place entitlements for an additional 58 waterfront units within the Waterside at Bay Beach community. After identifying the pent-up demand for existing units, Halstatt Real Estate Partners repriced the product and sold the units at a premium to the acquisition cost. Within 24 months of acquisition, local and regional developers were becoming more active, and the development parcel was quickly sold, resulting in a full disposition in March 2015.