NEW YORK CITY - Acting on behalf of Prominent Realty Group of Georgia, the sponsor of Registry at Windsor Parke, a 260-unit garden apartment complex located in Jacksonville, Florida, Eastern Consolidated announced today it has raised $10 million in equity, enabling the sponsor to acquire the property.
Eastern Consolidated Principal and Executive Managing Director, R. Stuart Gross, procured the investor, a Chinese-based family with manufacturing operations in the United States and Mexico. This represented the first real estateundertaken by the family.
“Our client sought $10 million of third party equity to augment his $1.5 million sponsor’s. Along with a $25 million first mortgage, the venture purchased this exceptionally well maintained property and provided a reserve for renovating the units. The well-performing property has potential for immediate revenue growth through repositioning the units and exploiting the property’s locational advantage in one of Jacksonville’s most desirable submarkets,” said Mr. Gross.
Situated between Downtown Jacksonville and the Atlantic coast beaches, the complex is located on Hodges Boulevard, a major north-south artery. It is in close proximity to Windsor Parke Golf Club, a premier 18-hole Arthur Hills championship course and the highly rated Chet’s Creek Elementary School. Transportation thoroughfares provide access to all key surrounding areas.
“This equity placement represents further evidence that the influx of foreign capital, including Asian capital, is beginning to migrate out of the gateway markets which have become extremely pricey. Relationships play a much larger role in capital formation in less liquid secondary and tertiary markets. Experienced underwriting and property management are essential to achieving operating goals and capital appreciation.
Mr. Gross has 35 years of experience with capital formation for real estate transactions, including joint venture formation, sale/leasebacks, 1031 exchanges and complex tranched financing for development.
Founded in 1981, Manhattan-based Eastern Consolidated is one of the country’s preeminent full-service real estate investment services firms, offering unrivaled expertise in the greater New York marketplace to an impressive worldwide roster of institutional and private investor clients. The 40-person team of, who, combined, offer fluency in 11 languages, come from a wide diversity of entrepreneurial and professional backgrounds. With annual sales up to $4 billion, Eastern Consolidated focuses on the acquisition, disposition and finance of all types of properties.