TAMPA, FL – Holliday Fenoglio Fowler, L.P. (HFF) announces the closing of the $56 million sale of Mallards Cove and Shell Trace, two adjacent multi-housing communities totaling 359 units in Jupiter, Florida.
The HFF team marketed the offering on behalf of the seller, Preston Giuliano Capital Partners. Northland Investment Corporation purchased the assets free and clear of existing debt. The buyer has combined the two properties and rebranded the community as Jupiter Isle.
Jupiter Isle consists of 46 two-story buildings located around two ponds and a central green at 6705 Mallards Cove just southeast of the Interstate 95/State Highway 706 interchange and less than 30 minutes from West Palm Beach. Additionally, the communities are convenient to Jupiter’s exclusive golf courses and recreation areas; the newly completed Harbourside Place mixed-use development; Jupiter Medical Center; The Scripps Research Institute and the Max Planck Florida Institute for Neuroscience at Florida Atlantic University. The property’s one- and two-bedroom units average 818 square feet with features, including large walk-in closets, linen closets, storage space, washers and dryers, and balconies or patios. The property is 97 percent occupied.
The HFF investment sales team included senior managing director Matt Mitchell, managing director Jaret Turkell, senior director Maurice Habif, director Zach Nolan and analyst Simon Banke.
“Jupiter Isle is a classic value play and one of those properties that will always be in high demand,” Mitchell said. “It offers residents the combination of a fantastic location and better affordability compared to newer communities in Jupiter.”
About Preston Giuliano Capital Partners: Preston Giuliano Capital Partners is a private investment firm focused on the acquisition and repositioning of distressed residential real estate in South and Central Florida. The firm is a principal investor, backed by private capital with extensive financial resources. PGC is able to fund single asset and portfolio transactions ranging from $2 million to $60 million. The firm seeks opportunities to acquire, rehabilitate and reposition value add, distressed or troubled properties.
PGC capitalizes properties purchased with sufficient equity to capture the value opportunity and remove the distress. The firm employs low levels of leverage. PGC puts in place a locally knowledgeable and directly involved team on the ground in its markets. The firm is active and on-site in the repositioning and management of the properties. PGC is prepared to wait for value created to be value recognized.
Preston Giuliano commenced the acquisition of multifamily properties in South Florida in early 2011. The firm has subsequently acquired more than 2400 units, both whole rental properties and fractured condominiums.
About Northland Investment Corporation: Northland Investment Corporation is a privately held real estate company with a core competency in the acquisition, development, management and long-term ownership of multifamily real estate throughout the United States. Northland currently owns and operates 23,479 units, 2 million square feet of commercial space, and land for the future development of 3,000 units. Northland manages seven real estate investment funds, maximizing risk-adjusted returns through the execution of value-add acquisition, development, asset management and property management strategies.
About HFF: HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.