Gulfstream Capital Group is pleased to announce the closing of the Highlands At Grand Pointe, a mixed-use property located in Lafayette, Louisiana.
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
|Units:||116 Residential Units|
|Square Feet:||156,069 Total NRSF|
|Structure:||All-Cash Senior Note Purchase|
|Closing:||06/01/10 – 8 Day 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.