VERO BEACH, FL - Brenner Real Estate Group, a full service commercial real estate firm based in Fort Lauderdale, FL with offices in Melbourne, FL, has announced that Reese Stigliano, Senior Vice President of Brenner Real Estate Group, represented the buyer in the following sale transaction:
* HM Park Lane Estates, LLC a Miami, FL based company, has purchased 34 single family lots in the 20-acre residential subdivision called Park Lane Estates located in Vero Beach, FL. Mr. Stigliano represented the buyer. The seller, Joyal Enterprises, Inc., is a family-owned company located in Melbourne, FL. The $516,000 sale closed the April 28, 2013.
Park Lane Estates is a private gated community originally developed by Joyal Homes. The development is located on the mainland side of Vero Beach, east of I-95 a few miles from the Vero Beach Outlet Mall. Several homes were built and sold in the development prior to the collapse of the housing market in 2006. Based on the latest sale price, the average price for the lots was $15,000 per lot. Each lot is approximately 97’ x 122’.
This is Stigliano’s third transaction with Stefan Hoyer, managing member of the buying entity. Hoyer’s company is an investor in residential land and single family home lots. The company’s business model is to buy single family lots and land bank them for the publicly traded home builder like D.R. Horton, one of Hoyer’s main clients. According to Hoyer, “In my mind, when I purchase finished single family lots, my land basis is zero. What I’m buying is the entitlements, the governmental approvals, the infrastructure of the development, the streets, sidewalks, the water and sewer lines. Which, if built today, is more than my purchase price.”
Another reason Hoyer is focused on single family lots is the exit strategy. “As opposed to a typical commercial real estate property like an apartment building or a shopping center, if I’m forced to sell, I don’t have to sell the entire property, I can sell one lot at a time. I like that flexibility.”
Stigliano commented, “I enjoy working with Stefan. He is bright, energetic and has identified a unique opportunity that he is capitalizing on.”
According to Hoyer, Stigliano’s background and 25 years’ experience in commercial real estate is invaluable. “I rely on Reese’s judgment and I know he’s got my back from the beginning of a transaction right up through the closing,” said Hoyer.
Brenner Real Estate Group is a full-service commercial real estate firm providing asset solutions, brokerage, development, investment sales, property management, asset management, and receivership services for office, multi-family, industrial/commercial, and retail properties. The firm has been serving South Florida since 1987.
For more information, visit Brenner Real Estate Group on the web at www.breg.net, on Facebook at “Brenner Real Estate Group” or contact the firm at 1500 W. Cypress Creek Road, Suite 409, Fort Lauderdale, FL, 954-596-5555, or 6767 North Wickham Road, Suite 400, Melbourne, FL 32940, 321.242.4575.