Lakeside Villas, located along the Esterley Tibbetts Highway, is up for sale for US$22 million.
The Lakeside offer comprises 73 rental apartments, with a primary inventory of 52 one-bedroom units, 10 two-bedrooms, and 11 three-bedrooms.
It is one of two bulk rental properties up for sale through RE/MAX Cayman Islands, the other being the 24-apartment Vista Caribe complex in South Sound, which is on the market for US$11.9 million.
Both bulk sales are being advertised through realtor James Bovell.
The Lakeside complex, built in 2007, sits on 9.23 acres.
“This is a rare opportunity to acquire en masse a large inventory of units at a property that is well located along the by-pass heading to Camana Bay,” the advertisement says, adding that the location gives access for tenants to the Seven Mile Beach corridor.
Though situated opposite the George Town landfill, the villas are a popular choice because of its central location.
The landfill is being remediated and negotiations for the financial close for the ReGen project is now expected by 30 Sept. with the Dart-led public-private partnership recently agreeing to a new project long-stop date of 30 Nov.
The development is stratified and, according to the advertisement, it can, at any time, be sold as individual properties.
Pointing out that Cayman’s current sales prices are north of US$480 per square feet, the advertisement suggests that the units will give the new owner the ability and flexibility to sell off the individual apartments.
The Cayman Compass has reached out to Bovell for comment on the sale and what that means for existing residents, and is awaiting a response.
The property has a lake, gym, pool, garden and on-site management.
The advertisement suggests the property offers opportunity for increased rate of return from the current 5.5% prior to management fees.
“Keeping in mind that the capital appreciation would add to the returns over time which adds to the annual cash returns. This could be done by increased rents, renovations and upgrades, sale of part of the inventory to individual purchasers and so on,” the advertisement states.
It is unclear if current residents have been made aware of the sale.
In the case of Vista Caribe, the 24 two-bedroom, two-bath apartments, the advertisement points to the proximity to Grand Harbour and Hurley’s supermarket.
The property is built on 40,800 sq. ft. of land, with each apartment 1,700 sq. ft.
Each unit, the advertisement boasts, “enjoys direct waterfrontage looking towards the sunset across South Sound. These types of assets and properties are rare to come to the market, especially one that’s an investment property and has a great [return on investment] of 7% (on cash) before management fees”.
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