The property has been running for over 18 years as a short-term hotel business. We identified the opportunity to acquire this class B asset for US$14,280,000. The project is to be dismantle the short-term hotel business and sell the 102 units individually since they are located on separate parcels.
The resort consists of 96 Townhomes 2BR/ 2.5BA, 4 Townhomes with 4BR/3.5BA, and 2 Single Family houses 4BR/ 2 BA.
We deem this to be an excellent investment due to current market conditions: high demand for residential homes; low-interest rates and a nationwide shortage of homes. We expect to have contracts over the next few days and received over 30 commitments the day of closing.