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.”