CBRE selected to market high-end condos and waterfront development site
Sebring, FL – September 23 2013 – CBRE’s Multi-Housing Group has been selected by the seller to market 56-units in a 69-unit luxury lakefront condominium community know as Majestic Cove, along with an adjacent 2.1 acre waterfront development site, located at 2351 Lakeview Drive in Sebring, Florida. The condominiums were built in 2010 and 13 units sold between May 2011 and March 2012. CBRE Fort Lauderdale First Vice President Calum Weaver and CBRE Orlando First Vice President Luke Wickham are marketing the property.
“The Florida condominium market has rebounded significantly, particularly for new Class A product. Majestic Cove is one of the last bulk condo opportunities in Florida,” said CBRE’s Calum Weaver. “The units average 1,560 square feet and offer exceptional high-end condo finishes at notably below replacement cost.”
“We are seeing a dramatic decline in lender REO multifamily sales over the last several quarters. In 2010, our team closed 17 lender REO/Distressed property transactions compared to only 2 so far this year.” Wickham said.
Located on the shores of Lake Jackson, a 3,400-acre lake, Majestic Cove consists of four, four-story condominium buildings situated on a 3.45-acre site and features 36 boat slips. In addition, a 2.1 acre tract of vacant residential land located at 2251 Lakeview Drive is available for development. The site is located with 300’ of frontage along Lake Jackson and includes 38 boat slips.
Sebring is perfectly located at the geographic center of Florida’s peninsula, approximately 50 miles due south of the Orlando MSA and 70 miles due east of the Tampa MSA. Sebring is approximately 168 miles from Miami. Sebring features several major shopping areas and 17 golf courses. Located on US Highway 27, only 1 mile from the property, lies a diverse mix of restaurant concepts, including Panera Bread, Outback, Olive Garden and Starbuck’s. Sebring is also home to the Sebring International Raceway which hosts the Mobil Twelve Hours of Sebring event (Formula One) every March and another large event the first weekend of December.
CBRE’s Multi-Housing Group focuses on the marketing and disposition of land and multi-housing assets in Central and South Florida.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.