Investcorp paid $86,956 per unit to a joint venture of Greenville, SC-based Titan Real Estate Investment Group and Nassau Lakes Apartments LLC. The 27-acre, class A, garden-style apartment community was 93% leased at closing.
The property includes a pool house and fitness center building, swimming pool, lighted tennis courts and separate garage buildings housing 30 enclosed garages. Nassau Lakes adjoins a 26-acre spring-fed lake. The property is just off State Road A1A in Nassau County and about 2.5 miles west of the Intracoastal Waterway and the Shave Bridge to Amelia Island and 7.5 miles east of Interstate 95.
"The investment in Nassau Lakes offers our investors an attractive return profile with upside potential in a possible condominium conversion of the property," says Herb Myers, a principal with Investcorp's real estate group.
Investcorp's real estate acquisitions in 2004 total $780 million. The company plans to match or surpass that volume in 2005, Myers says. The 23-year-old firm oversees a portfolio with current value of more than $2 billion in selected urban and suburban markets in the US. Over the past 10 years, Investcorp has focused its property investments in sector-specific real estate portfolios, including office, retail, hotel, industrial and residential properties, Myers says.
Besides its real estate investments, Investcorp also focuses on corporate investments, asset management and technology investments. The company has completed transactions with an aggregate value of about $25 billion.
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