That's the situation Dallas-based Gulfstream Capital Partnersfaced in its recent $23-million acquisition of the 440-unit FalconLake Apartments at 11701 Palm Lake Road in Jacksonville. Theclosing price, around $52,000 per unit, is roughly half of the $45million that Falcon Lake's developer, Boca Raton-based FalconeGroup, put in when the 435,700-square-foot complex opened inOctober 2008.

JPMorgan and Key Bank held a $35-million mortgage on theproperty, which Gulfstream's principals had pursued previously in2009 and was secured by another group. It became available laterwhen that deal fell through, but this time it required a year-endclosing, according to Frank Howard, managing principal of the realestate investment management firm.

"You just have to be aggressive and keep looking and calling tofind opportunities such as this one," Howard tells GlobeSt.com. "Itwasn't easy and there were a lot of hurdles."