Continuing its post-bankruptcy mission to sell non-core assets, WCI Communities has sold Oceanside, a Pompano Beach, Fla., condominium project, for $38.5 million.
Ari Pearl, a Hollywood, Fla., developer and his partner, The Chetrit Group, bought the 17-story luxury condominium with 24,000 square feet of retail space and an adjacent vacant parcel on the Atlantic Ocean. The tower sale included 138 of its 186 residential units.
Earlier this year, WCI sold One Bal Harbour and The Resort at Singer Island , both luxury waterfront high-rises in the Miami area. It also sold all its land holdings in the Mid-Atlantic region, where the Bonita Springs, Fla.-based company's board doesn't see an immediate future for the company.
Since emerging from Chapter 11 reorganization last summer, WCI has been working to generate cash and pay off its remaining debts by selling off assets it doesn't expect to need when the market recovers.
In addition, the company has been able to sell off all but 150 of the 1,800 inventory homes it had a year ago. WCI has also divided its single-family home lots into those it wishes to sell and those it wants to keep and is considering selling finished lots in its core developments to other builders for the first time in its history.
"We have had a significant interest in [finished] lot takedowns from builders," CEO David Fry said Tuesday. "We are going through an analysis now [as to whether it would be financially beneficial] that we are going to present to our board."
Part of that analysis will consider whether it would make sense to invest in finishing out some of the couple of thousand home lots the company owns that are nearly ready for home construction, Fry said.