Two Florida Firms Announce $300 Million Opportunity Fund

by admin

Sky Development Inc., a full-service real estate development company, and SunVest Communities LLC, a nation company that focuses on condominium conversions, have formed SkyVest Capital LLC as a joint venture to launch a $300 million real estate fund to capitalize on opportunities presented by the recent downturn in the U.S. real estate market.

Sky’s team has experience in all aspects of real estate investment, including acquisition, development, rehabilitation, creative re-use and asset disposition. To date, the two companies combined have acquired either directly, or with partners, more than 120 properties valued in excess of $1.5 billion.

Since 1978, SunVest Communities’s principals have been active in hotel and apartment conversions in cities throughout the Southeast, Nevada and Arizona. SunVest has sold more than 20,000 units representing over 100 developments, totaling nearly $3 billion in sales.

The SkyVest Real Estate Opportunity Fund will capitalize on economic, financial and property market dislocation. The fund will invest in distressed residential, commercial and retail projects, both directly and by the acquisition of debt. Target projects will include multi-family rentals, new condo developments, condo conversions, office buildings, regional malls, manufacturing/laboratory facilities and land. Other potential investments include hotels, senior living facilities and hospitals.

The Fund’s objective is to take advantage of its sponsors’ experience, skills, market knowledge and success to capitalize on evolving market opportunities.

The Fund will primarily target transactions in the states where SkyVest’s partners have properties and have been working for years, including Florida, Nevada and Arizona. SkyVest will also seek opportunities in California, New York, Texas, North Carolina and South Carolina.

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