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.
- 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|
|Status:||Sold to a Private REIT as a stable yield investment|