(To read more on the multifamily market, click here.)
BRADENTON, FL-Hollywood, FL-based JL Real Ventures has acquiredthe 300-unit Marina Palms apartment complex at 6904 Manatee Ave.West for just under $22 million. The property was acquired fromAtlanta-based Miles Properties. It was acquired under the brandCielo, which is the name under which JL Real Ventures operates itsmultifamily properties.
JL Real Venture managing partners Jordan Kavana and Larry Baumcompleted the transaction. Kavana tells GlobeSt.com that theproperty was attractive for acquisition because it is a C+/B-property in a AAA location. "It was one of 25 assets we looked atin that area," Kavana says. "Our business strategy is to focus onproperties where we can add value."
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