Highlands At Grand Pointe Closing Announcement
Gulfstream Capital Group is pleased to announce the closing of the Highlands At Grand Pointe, a mixed-use property located in Lafayette, Louisiana.
ASSET HISTORY
The subject asset was completed in mid-2008 for an all-in cost of $13.5mm. Property was built to condo-spec and failed to achieve rents sufficient to support the cost basis. At closing, the asset sat at 78% physical occupancy and was under the management of a court appointed “trustee”. Gulfstream simultaneously acquired (a) the Senior Note from the lender, (b) the Deed from the borrower, and (c) a release from the “trustee”.
- All-Cash Purchase: No financing contingency, 8 day close
- Strong Discount to Replacement Cost and Recent Sales Comparables
- Quality Market Fundamentals: At close, unemployment sat at 5.0%, 70% of the employment base consisted of white collar jobs, household income was nearly $90k and the median price for single family home was $255k
- Quality Location: Asset is located in the path of progress and within close
| Location: | Lafayette, LA |
| Type: | Multifamily |
| Units: | 116 Residential Units |
| Square Feet: | 156,069 Total NRSF |
| Structure: | All-Cash Senior Note Purchase |
| Closing: | 06/01/10 – 8 Day 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.×
