J.I. Kislak (based in Miami area) has purchased Villas at Jasmine Creek, Villas at Jasmine Fields and all rental units from Villas at Jasmine Park,—totaling 481 rental units that were recently foreclosed on—from Miami-based Ocean bank for $11.5 million.
Specifically, 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 12 months, all three properties will undergo significant renovations.
In a press released to the media, Thomas Bartelmo, president and CEO of Kislak said, “J.I. Kislak takes a long-term approach when evaluating potential acquisitions. We understand the Pensacola market, and are well-equipped to generate substantial revenues and increase occupancy in these properties to ultimately increase Kislak shareholder value.”
In an article on GlobeSt.com: Jack McCabe, principal of Deerfield Beach-based McCabe Research & Consulting, tells GlobeSt.com. “Pensacola has been hard hit in the past year,” McCabe says. “The oil disaster seems to have affected prices in Pensacola more so than in other Florida Gulf Coast towns. Kislak is recognizing a great opportunity at $23,900 a door. They should be able to add value and increase rental rates in the near future. Pensacola long-term is going to be a very good market and the price was too good to pass up for these units.”