TITLE: Loci Capital Divests Orlando Multifamily Asset
DATE: January 31st, 2024
PUBLICATION: Connectmoney.com
Funds managed by Loci Capital Op Fund GP, LLC, an affiliate of Loci Capital Group, LLC, a private real estate fund manager, completed the divestment of Pomelo Park Apartments, a 240-unit garden style apartment community in the Lee Vista / Narcoossee submarket of Southeast Orlando, FL.
While the firm did not disclose the sale price, a spokesperson told Connect Money that the buyer is Atlanta-based privately held real estate investment firm Centennial Holding Company.
“Despite the rapid increase in interest rates and difficult capital markets environment, the project was completed on budget and sold profitably, a testament to our joint venture partner, Maifly Development,” said Garrett Francis, managing principal and head of capital markets at Loci Capital.
Loci and Maifly Development created a joint venture in February 2021 to close on the 8.4-acre property that would eventually become Pomelo Park Apartments. The joint venture completed construction in January 2023 and stabilized the asset in August 2023, according to the firm. The sale was run by Newmark Group, Inc.
Since inception in 2019, Florida-based Loci has invested over $240 million in more than $1 billion of real estate in the multifamily, hospitality, office, vacation rental, student housing and medical office sectors.
