J.I. Kislak Inc., a national real estate investment company, recently purchased three foreclosed multifamily properties in Pensacola, Fla. from Miami-based Ocean Bank for $11.5 million, or about $23,910 per unit. The properties include 481 rental units. The acquisitions increase the size of Kislak’s portfolio to more than 3,100 units.
Working closely with Ocean Bank, J.I. 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 year, all three properties will undergo significant renovations. The deal was announced Jan. 12.
For more than a decade, Miami Lakes, Fla.-based J.I. Kislak has established a successful track record of acquiring, repositioning, and managing multifamily and commercial properties. The organization owns and operates properties in Arizona, Florida, Maine, New Jersey, Nevada, and Texas. J.I. Kislak has owned and operated two multifamily properties with 392 units in the Pensacola market for more than 20 years.
“J.I. Kislak takes a long-term approach when evaluating potential acquisitions,” says Thomas Bartelmo, president and CEO of J.I. Kislak. “We saw a mutually beneficial opportunity between J.I. 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 timeframe.”
Bartelmo adds that J.I. Kislak understands the Pensacola market and is well equipped to generate substantial revenues and increase occupancy levels at the newly acquired properties.
Carlos Sandino, senior vice president and commercial workout manager with Ocean Bank, says J.I. Kislak has built a highly respected reputation as an owner and operator of multifamily properties throughout the country. “With a strong capital base and experienced management team, J.I. Kislak made the purchase a seamless process.”
J.I. Kislak works with a network of private and institutional investors, including private equity, hedge funds, and REITs. Additional lines of business within the organization include J.I. Kislak Mortgage LLC, the recently re-established mortgage banking company; more than $60 million in Florida and New Jersey tax certificate investments; and The Kislak Co., a commercial real estate brokerage.