J.I. Kislak, Inc. (J.I. Kislak), has announced the purchase of three multifamily properties from Miami-based Ocean Bank. The properties, located in Pensacola, Fla., have a total of 481 rental units and had recently been foreclosed.
“J.I. Kislak takes a long-term approach when evaluating potential acquisitions,” says Thomas Bartelmo, president and CEO of J.I. Kislak. “We saw a mutually beneficial opportunity between J.I. Kislak and Ocean Bank to purchase the properties, and with the aid of the highly experienced team at Ocean Bank, we were able to complete the transaction under an extremely tight timeframe.”
J.I. Kislak has successfully owned and operated two multifamily properties with 392 units in the Pensacola marketplace for more than 20 years. This acquisition brings the total number of units in J.I. Kislak’s portfolio to more than 3,100.
Working closely with Ocean Bank, J.I. Kislak purchased Villas at Jasmine Creek, Villas at Jasmine Fields and all rental units from Villas at Jasmine Park, a fractured condominium, in a cash transaction without debt in less than 21 days. Over the next 12 months, all three properties will undergo significant renovations.
“J.I. Kislak has a tremendous reputation as an owner and operator of multifamily properties throughout the country. With a strong capital base and experienced management team, J.I. Kislak made the purchase a seamless process,” says Carlos Sandino, senior vice president, commercial workout manager, Ocean Bank.
For more than a decade, J.I. Kislak has established a successful track record of acquiring, repositioning, and managing multifamily and commercial properties. The Organization owns and operates properties in Arizona, Florida, Maine, New Jersey, Nevada, and Texas. J.I. Kislak works with a network of private and institutional investors, including private equity, hedge funds, and REITs.