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THE EASTPORT

  • 3949 LINDELL
  • THE HIGHLANDS
  • easport2

Multifamily

The Eastport Apartments is a 2008-built, 440 unit, Class “A” apartment community located in the Northeast submarket of Jacksonville, FL.

The project consists of one, two and three bedroom apartment units averaging 990 sf and was built for an all-in cost of $45mm by Falcone Development Group, a Boca Raton based developer. The property was acquired by Gulfstream in December ’09 for $23mm, a 26% discount to the senior loan balance and 49% discount to replacement cost.

  • OBJECTIVE
  • INVESTMENT DETAILS
  • Acquire a newly constructed, non-stabilized asset on an all cash basis
  • Launch new market outreach program and develop incentive programs for on-site employees
  • Establish new pricing matrix to reflect revised cost basis and to optimize revenue
  • Fight tax assessment to achieve a revised value that reflects purchase price
Investment Type: Distressed Multifamily Opportunity
Property Type: Multifamily
Status: Sold to a Private REIT as a stable yield investment
Acquisition: December 2009
Disposition: October 2011

Eastport Logo


  • Location Jacksonville, FL
  • RECENT NEWS

    • Ft. Worth Closing of a Land and Loan Venture
    • Austin Mezzanine Loan Closing Announcement
    • Cassidy Ridge Closing Announcement
    • Recent Investments

      • South Tower CityPlace
      • Tranquil Court
      • 3949 Lindell

    9301 N. Central Expressway, Tower 2, Suite 335, Dallas, TX 75231

    214.666.8526

    info@gulfstreamcap.com

    Copyright 2015 Gulfstream Capital Group LLC. All rights reserved.

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    • RECENT NEWS

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      • Ft. Worth Closing of a Land and Loan Venture04/27/2016
      • Austin Mezzanine Loan Closing Announcement05/05/2015
      • Cassidy Ridge Closing Announcement12/12/2014
      • Campus Suites Closing AnnouncementCampus Suites Apartments Closing Announcement04/01/2011
      • 3949 Lindell Campus Core Campus Suites CityPlace Closing Falcon Lake Apartments South Tower The Highlands