Adds 262-Unit Property to Sun Belt Multifamily Portfolio
January 16, 2014
Miami Lakes and Palm Harbor, Fla. – The Kislak Organization, a national real estate investment firm headquartered in Miami Lakes, Florida, has expanded its presence in the Tampa Bay area market. Kislak recently closed on the purchase of Twin Lakes Apartments, a 262-unit multifamily community in Palm Harbor. The transaction was brokered by Byron Moger of Cushman & Wakefield.
“We are very enthusiastic about the Tampa/St. Petersburg area,” said Thomas Bartelmo, president and CEO of the Kislak Organization. “Since acquiring Runaway Bay Apartments in Pinellas Park in 2012, our acquisitions team has been actively pursuing additional opportunities. Twin Lakes Apartments is a perfect addition to our portfolio, and we are interested in further expanding Kislak’s holdings in the market.”
Twin Lakes Apartments is conveniently located in one of the Tampa metro area’s most desirable submarkets, and is near highly rated public schools. This garden-style community offers a mix of attractive, well-appointed one- and two-bedroom apartment homes featuring fireplaces, vaulted ceilings, wood flooring and bay windows. Community amenities are highlighted by a resort-style swimming pool, clubhouse, volleyball court, tennis court, playground and car care center. Kislak’s planned enhancements at Twin Lakes include the addition of a gym and dog park, and a variety of interior upgrades.
“As a value-added opportunity in a location offering top-rated schools, small-town charm and close proximity to employment centers, Twin Lakes Apartments fits the model of Kislak investment properties throughout the Sun Belt,” Bartelmo said.
With this acquisition, the Kislak portfolio now includes five multifamily communities in Florida alone, and nearly 2,000 units in properties nationwide.
The Kislak Organization is backed by more than a century of real estate experience, and has established a successful track record of acquiring, repositioning and managing multifamily properties. Attention to detail and commitment to community are cornerstones of the organization. Its highly regarded JIK Properties operations team is known for efficient and effective property management and oversight, and for its ability to enhance community value for residents and investors.
“We are eager to bring Kislak’s personal, high-quality touch to the Twin Lakes community as we continue looking for additional opportunities in the Tampa area,” Bartelmo said. “Kislak has been in Florida for more than 60 years; we know and understand the multifamily market here.”