PENSACOLA, FL- J.I. Kislak just added a trio of deals to its Pensacola portfolio. The real estate investment firm acquired three multifamily properties—totaling 481 rental units that were recently foreclosed on—from Miami-based Ocean bank for $11.5 million.
Specifically, Kislak purchased Villas at Jasmine Creek, Villas at Jasmine Fields and all rental units from Villas at Jasmine Park, a fractured condominium, in a cash transaction without debt in less than 21 days. Over the next 12 months, all three properties will undergo significant renovations.
“J.I. Kislak takes a long-term approach when evaluating potential acquisitions,” says Thomas Bartelmo, president and CEO of Kislak. “We understand the Pensacola market, and are well-equipped to generate substantial revenues and increase occupancy in these properties to ultimately increase Kislak shareholder value.”
Kislak is no stranger to Pensacola. The firm has owned and operated two multifamily properties with 392 units in the Pensacola marketplace for more than 20 years. This acquisition brings the total number of units in Kislak’s portfolio to more than 3,100.
Kislak also avoided the commercial real estate flipping frenzy during the recent heydays. Now, the firm is actively seeking distressed properties and notes across Florida, Jack McCabe, principal of Deerfield Beach-based McCabe Research & Consulting, tells GlobeSt.com.
"Pensacola has been hard hit in the past year," McCabe says. "The oil disaster seems to have affected prices in Pensacola more so than in other Florida Gulf Coast towns. Kislak is recognizing a great opportunity at $23,900 a door. They should be able to add value and increase rental rates in the near future. Pensacola long-term is going to be a very good market and the price was too good to pass up for these units."
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