Sale completed on 152-unit Cypress Ridge Apartments
May 12, 2016
Miami Lakes, Fla. – The Kislak Organization announces the recent sale of Cypress Ridge Apartments in Pensacola, Florida, for $7,575,000. CBRE Jacksonville’s George Bacon and Dhaval Patel represented Kislak and the buyer, a New York-based LLC.
When Kislak purchased the 152-unit Cypress Ridge Apartments from Ocean Bank in December 2010, it was part of a three-property portfolio that had recently been foreclosed on. Built in 1973 and originally known as Jasmine Fields, the property had fallen into disrepair.
“Many of the units at Cypress Ridge were uninhabitable. Kislak undertook a complete renovation of the property and brought it back to life,” said Tom Bartelmo, president and CEO of the Kislak Organization. “We are pleased with what we accomplished and proud to have restored and enhanced this West Pensacola property’s facilities and reputation. We wish the new owners all the best.”
Kislak continues to own multifamily property in Pensacola, and is actively seeking new value-add acquisitions throughout the Sun Belt. The Kislak multifamily portfolio comprises nearly 2,000 units in properties nationwide.