DALLAS-Gulftream Capital Partners has purchased a 116-unit, luxury apartment property in Lafayette, LA, as part of a deed-in-lieu arrangement with a regional bank.

The local investor paid cash to acquire the mortgage note for The Highlands at Grand Pointe, which was developed by Ridgeland, MS-based Bryan Co. for $13.5 million. The new owner declined to disclose how much it paid for the note; however, Gulfstream Capital’s managing principal Frank Howard tells GlobeSt. the firm acquired it for less than 65% of the all-in development cost.  

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