The most gratifying part is that we dealt fairly and respectfully with each individual owner, got to know their concerns and motivations, and ultimately got to an amicable resolution.
BOCA RATON, Fla. (PRWEB) September 24, 2018
Real estate investment firm ESG Kullen today announced the completion of a transaction totaling $128.1 million that began four years ago. An entity sponsored by ESG Kullen and Angelo Gordon & Co. sold 97 condominiums in the BelAire Condominiums in bulk to an entity sponsored by Axonic Capital for $12.9 million, marking the successful completion of a business plan that started in 2014.
That plan began with two bulk condominium purchases and included 120 condo buy-backs, two condominium terminations, the separation of one property into two independent properties, more than $10 million in capital improvements, and finally, the sale of all three assets.
“This is both a very exciting result for the partnership, and a validation of our de-conversion condominium thesis,” said ESG Kullen President Eric Granowsky. “I think the most gratifying part is that we dealt fairly and respectfully with each individual owner, addressed their concerns and motivations, and ultimately got to an amicable resolution.”
The partnership’s initial investment in 2014 included 279 of 356 condominiums in the Mission Club Villas on International Drive in Orlando, and 392 of 522 condominiums in The BelAire Club Condominiums in Boca Raton. The Partnership purchased the condominiums for total consideration of $75.4 million.
In July 2017, the partnership sold Mission Club Villas for $50.7 million to White Eagle. The partnership divided The Belaire Club Condominiums into two phases. It sold the first phase, The Belaire Gardens, in January of 2018 to Priderock for $64.5 million. It sold the second and final phase, The Belaire Towers, last week to Axonic Capital for $12.9 million. All totaled, the three phases of the business plan included 791 units sold for $128.1 million or an average of $161,946/unit.
Based in New York City, ESG Kullen has been investing in Florida bulk condominiums and value-add multifamily properties since 2009. The company currently owns more than 5,000 units and is actively pursuing additional opportunities in Florida. For more information, visit ESG Kullen’s website http://www.esgkullen.com