Gulfstream Capital Group is pleased to announce the closing of Falcon Lake Apartments a $24mm, multifamily residential property located in Jacksonville, Florida.
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
|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|
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.