Monday, April 9, 2018

Pineapple Cove in Florida Acquired


Possessing an integrated nationwide investment team, PCCP provides debt and equity financing for middle-market projects across the United States. With a focus on investing in transitional real estate assets, the firm reviews more than $15 billion in transactions on a yearly basis. Within the context of its closed-end PCCP Equity VII, LP fund (“Equity VII”), PCCP engages in select new development opportunities with a focus on seeking out distressed situations. 

A recent instance of an opportunity involved PCCP’s joint venture acquisition of Pineapple Cove, a multifamily community property located in Port St. Lucie, Florida. Built in 2005, the Jensen Beach property comprised of 260 units. 

Offering close proximity to stores and schools, this property was located in a high-barrier-to-entry market with no new construction on the horizon, a low vacancy rate, and attractive demographics. Moreover, the purchase price represented a significant discount when taking into account the replacement cost and recent local real estate transactions. 

The business plan for the property entailed undertaking a series of interior and exterior renovations over the course of three years to bring rent to market levels. The joint venture specifically planned to focus on renovating the fitness center and clubhouse, as well as each of the units. Other priorities included deferred maintenance and new landscaping. 

To learn more about PCCP and its real estate investment activities, visit pccpllc.com.

Pineapple Cove in Florida Acquired

Possessing an integrated nationwide investment team, PCCP provides debt and equity financing for middle-market projects across the United...