DALLAS-Gulftream Capital Partners has purchased a 116-unit,luxury apartment property in Lafayette, LA, as part of adeed-in-lieu arrangement with a regional bank.
The local investor paid cash to acquire the mortgage note forThe Highlands at Grand Pointe, which was developed by Ridgeland,MS-based Bryan Co. for $13.5 million. The new owner declined todisclose how much it paid for the note; however, GulfstreamCapital’s managing principal Frank Howard tells GlobeSt. the firmacquired it for less than 65% of the all-in development cost.
Completed in 2008, The Highlands at Grand Pointe was built tocondo specifications. The property sits on 9.2 acres at 3601Kaliste Saloom Rd. in the southwestern part of the city near the$211-million Lourdes Hospital expansion. It consists of 10two-story buildings.
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