Villas at Jasmine Creek, Villas at Jasmine Fields and Villas at Jasmine Park Add 481 Units to Multifamily Portfolio
January 12, 2011
Miami Lakes and Pensacola, Fla. – The Kislak Organization, a national real estate investment company, announced the purchase of three multifamily properties from Miami-based Ocean Bank. The properties, located in Pensacola, Florida, have a total of 481 rental units and were recently foreclosed on.
Kislak has successfully 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.
Working closely with Ocean Bank, 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.
Kislak takes a long-term approach when evaluating potential acquisitions,” said Thomas Bartelmo, Kislak president and CEO. “We saw a mutually beneficial opportunity between Kislak and Ocean Bank to purchase the properties, and with the aid of the highly experienced team at Ocean Bank, we were able to complete the transaction under an extremely tight time frame.”
Kislak has a tremendous reputation as an owner and operator of multifamily properties throughout the country. With a strong capital base and experienced management team, Kislak made the purchase a seamless process,” said Carlos Sandino, senior vice president, commercial workout manager, Ocean Bank.
Bartelmo added, “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.”