A bargain-hunting entrepreneur who thinks the local real estate market is close to a comeback has paid $21 million for a high-rise condominium project and the adjacent First Street Village.
The two downtown projects were launched by Cameratta in the two years before the real estate market in Lee County collapsed at the end of 2005. First Street Village is partially built and High Point Place along the Caloosahatchee River has 76 units remaining to be sold.
Marcel Arsenault, through his Louisville, Colo.-based company Real Capital Solutions, paid Cameratta Properties $13 million for the construction loan on the 76 units that remain to be sold at High Point.
The time is right to move forward on the two projects, Arsenault said — today’s low prices and tight credit are signs that the market’s at or near its low ebb.
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