Falcon Lake Apartments Closing Announcement
Gulfstream Capital Group is pleased to announce the closing of Falcon Lake Apartments a $24mm, multifamily residential property located in Jacksonville, Florida.
ASSET HISTORY
The subject asset was completed in October 2008 by a national development group for an all-in cost of $45MM. The asset suffered a slow lease up that could be attributed to mispriced rents, insufficient marketing dollars and submarket oversupply issues. At time of purchase, the asset sat at 50% physical occupancy. Gulfstream’s ability to close all-cash and in and in a tight window allowed for attractive purchase terms to be negotiated.
- All-Cash Purchase: No financing contingency, 15 day close
- Strong Discount to Note Balance & Replacement Cost
- Quality Product: Asset was developed by national group with a long track record of quality construction
- Quality Location: Asset is positioned in a desirable part of town, directly adjacent to two Universities and within close proximity to a major park and the Medical District
| Location: | Jacksonville, FL |
| Type: | Multifamily Residential |
| Acquisition Cost: | $24 Million |
| Units: | 440 Residential Units |
| Square Feet: | 435,704 NRSF |
| Structure: | All-Cash Senior Note Purchase |
| Closing: | 12/31/09 – 15 Day, End of Year Close |
ABOUT
Gulfstream Capital Group, LLC is a Real Estate Investment Manager located in Dallas, Texas focused on the nationwide acquisition of Multifamily and Mixed-Use Real Estate, including Conventional, Condominiums, Senior and Student Housing.
Under no circumstances should any information presented on this website be construed as an offer to sell, or solicitation of an offer to purchase any securities or other investments. This website does not contain the information that an investor should consider or evaluate to make a potential investment. Offering materials relating to investments in entities managed by Gulfstream Capital Group are not available to the general public.×
